We touched on the subject as to how installing a home security system can give you discounts on your home insurance premiums, we’ll be giving you more info on how much on this post.
According to insurance.com, the rates would be as follows:
If you do all of that, you get a whopping 30 percent home insurance premium discount based solely on security devices. This doesn’t include setting up smoke detectors or sprinkler systems yet.
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With the rising price of gasoline, it’s a good idea to know where you can save. If you’ve recently bought a new house and want to cover it with home insurance, then the following tips would be beneficial to lowering your rates:
You need to shop around for the cheapest you can find. Eventhough you previously enjoyed your previous home insurance company, you might want to check out the others just to be sure. Things change and improve quickly.
It would be best, if you don’t go overboard in what you’d like to cover. If you’re not sure what it is that absolutely needs to be covered then a call to an insurance broker may be a good time as any.
Lastly, get those discounts! Ask your insurance agent or broker for ways to lower your rates. Sometimes, installing a home-security alarm may greatly reduce your premiums.
With the goal in saving more money in mind, most UK residents have decided to go the DIY (Do It Yourself) route when it comes to remodeling or repairing their house. No more contractors to deal with, eh? However, if it doesn’t conform to the insurance agents standards or it wasn’t properly finished then things may go for the worse.
Zurich’s technical underwriting manager, said: “Doing it yourself can be a great achievement but we would like to remind all DIY novices that they can often endanger themselves and their property, so if you are unsure, always call in a professional.”
For those who dream of the DIY life, but don’t want the risk involved, then calling in the right people: plumbers, carpenters or contractors, would best suit you , your house, and your home insurance.
While the cat is away the mouse will play. This is what thieves do when you’re all out of the house and in a long vacation.
According to reports by Churchill Insurance, one in ten UK homes have been broken into while the occupants were out on holiday. The loss averaged £3,288 per incident. The thieves are focusing more on portable but expensive items instead of the usual big items like TVs and radios.
With home insurance, you can somewhat feel better. Claire Foster, spokesperson for Churchill Insurance said,
“While insurance cannot prevent burglary, it can provide reassurance that the monetary value of anything stolen is covered.”
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For those who plan to buy old houses, you better check it’s history first before doing anything else. Yes, people, although it may not be your fault, but if the previous home owner had a lot of “bad history” with the home insurance people, then you’re going to inherit it as well.
It may seem not fair, but it is plausible. Dr. Robert Hartwig, chief economist of the Insurance Information Institute in New York said,
“A home with a history of burst pipes would reflect a plumbing problem that hadn’t been addressed, so the new owner would probably face a higher premium until the problem is corrected. That should be a homeowner’s incentive to make sure his or her home is in good working condition.”
You can request for more info on the house’s loss history by requesting for a Comprehensive Loss Underwriting Exchange or CLUE report. Ask for a homeowner insurer for assistance on this one.
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If any of you think that bad credit to your name won’t get anyone’s attention, then you better think again. Companies who give out home insurance give better rates and terms to those who pay their bills on time. Credit history is something these companies look into, as they want to be sure that the customers they’re pulling in have the capability to pay their premiums.
“Statistically, it has been proven that people with poor insurance scores are more likely to file a claim,” notes Heismeyer. “Historically, homeowners rates had been based on the characteristics of the structure itself. The insurance industry is now shifting the focus to include characteristics of the occupants, and insurance scores are one of those factors.”
The bicycle is one of the most sought after by thieves. Why? It’s usually easy to swipe, it’s light enough to carry if need be, and you can easily lose yourself in any street corner and weave around traffic to lose all those who’re coming after them. So it’s no surprise that bike theft during the summer months is on the rise. The figures are staggering: A bike is stolen every 70 seconds, and not all of these are reported to the police.
However, if you’re in the United Kingdom, you’re in luck. You better check your Home Insurance if your bike is part of the policy.
Head of underwriting at the insurance company David Rochester explained: “We encourage all who experience bike theft to report it to the police, otherwise they could miss the opportunity to make a claim.”
Mr Rochester added that steps such as a high security lock could help protect the bike, as well as the use of anti-pry devices and keeping it locked up when not in use.
We mentioned last time that bicycles are a hot commodity for thieves in the UK these days, another thing that they like stealing are stuff on your gardens and sheds. Yes, those things that you place there as temporary storage.
Almost 650,000 UK households had items stolen from their gardens last 2007. It gets worse as according to an insurance company, 11 percent of households will spend more than £500 on garden tools, equipment, ornaments, and furniture, but many still fail to properly safeguard their belongings.
Head of risk and underwriting, Mike Pickard, said: “Even household items are now being stored outdoors, blurring the distinction between home contents and outbuilding and garden contents. Homeowners should check the limits of their insurance policies because some are relatively low and in the event of an ‘outdoor’ theft not everything may be covered if your shed is bulging with valuables.”
Remember to safeguard your items, folks.
