Property insurance has always been something of a ‘better have it and not need it than need it and not have it kind of deal’. A house or rental property is one of the biggest investments that you will make and proper insurance cover is imperative. How much insurance should you have and what kind of insurances will you need? Most property owners get the general insurance package and hope everything is covered and others just over insure and pick out every kind of cover they can think of, both cases are very expensive and needlessly so.
Here are some ways you can get proper cover while at the same time save a good amount of money on property insurance.
Never go for the first offer
If you are not sure of the cost, do not sign the agreement. Ask around, friends, other landowners in the locality and also look it up online. There are websites that can offer the best prices and also compare a number of providers side by side.
A deductible is the amount of money that will come out of your pocket before your property insurance pays up on a claim. By increasing he deductible, your monthly premiums can be reduced. If you can, raise the deductible up to $1000. You can also chose the kind of damage (hail, wind or fire) and raise your deductibles for the most likely damage.
Deadbolt locks, sprinkler systems and smoke alarms can bring the premiums on your home down by up to 20%, these may seem like a big investment but they will prove their worth when you most need them.
These are the top three ways to reduce the cost of your property insurance. It will do you good to speak to your insurance agent and make sure you understand the fine print print in detail before you begin paying the premiums.