ABOUT HOMEOWNERS INSURANCE
Houston Homeowner’s insurance is designed to protect homeowners against damage to their homes, injury and other incidents that often happen in and around one’s home. Purchasing homeowner’s insurance is not an option, in many cases mortgage lenders will not approve a loan unless you can provide them with proof of coverage. There are many factors that go into determining the cost of homeowner’s insurance. Providers take into consideration the location of your home, environmental problems and many more. To help ensure that you purchase the proper amount and type of coverage for your home, we have put together some helpful tips for you to consider when purchasing or updating your homeowner’s insurance.
1. Security System – If your home features a security system, you will likely be rewarded by insurance carriers with a discount. It is estimated that installing a security system in your home can save you up to 5% on your insurance premiums. Insurance providers often require that the homeowner provide them with documentation stating that their home is currently protected by a home security system. In addition to a security system, installing and maintaining smoke alarms throughout your home is another great way to ensure that you are safe and save money at the same time. If you live in an older home that doesn’t include pre-installed smoke alarms, adding them may save you up to 10% in premiums each year. To find out if this is relevant to your situation, you can contact the homeowner's department of insurance in Texas.
2. Deductible – As with any type of insurance that you purchase, the higher the deductible that you choose the lower your premiums will be. While this may seem like a good way to save money, it means that should anything happen at your home such as a broken window or damage from a leak you will be required to pay for the repairs. When deciding on the amount of your deductible, you should take this into consideration before you have to file a homeowner's insurance claim.
3. Multiple Policy Discounts – Many insurance providers have begun offering their customers discounts if they have more than one policy with them. By purchasing one or more policies from the same provider, you have the ability to save up to 10% annually. If you currently have insurance through multiple providers, you may want to consider combining them with the same insurance provider. Not only will you save money, it will be easier should you ever have to file a claim.
4. Mortgage – If you are in the position where you can pay off your existing mortgage, you will likely notice that your insurance premiums will drop. This is attributed to the fact that insurance companies believe that if you own your home outright, you are more likely to take better care of it. Residential insurance is a requirement, but there are some things that you can do to make it more affordable, and paying your mortgage off early is just one way.
5. Review – It is highly recommended that you regularly review your policy to ensure that you are still paying the best rates possible. While reviewing your policy you should also take note of any changes or improvements that have occurred in your home since you purchased your policy.
Houston homeowner’s insurance agents can help you decide on the proper type and amount of homeowner’s insurance that you should purchase. Your home is a large investment, you should take the proper steps to ensure that it is protected.