New home buyers can be at risk if they don't know these five things to look for in their insurance portfolio.
Many of our clients have been surprised when we point out that their insurance coverage is not all they thought it was. Here are five things you should discuss with your insurance agent to make sure you are protected. Some may shock you.
Water Leaks
Did you know that there is a simple way you could lower your cost of homeowners insurance every month? Most insurance companies are starting to offer discounts to homeowners who install a Water Leak Detector. These devices are very affordable and many cases can be installed without the need of a professional depending on your handy person prowess. They are sensors that you install next to where leaks are more likely to happen such as near the clothes washer, sinks, showers or refrigerators with water dispensers. We always ask our clients if they are willing to install them so we can help them lower their insurance costs. It all adds up!
Documentation
We assume that insurance companies will automatically cover everything we own, but if something happens, are you prepared for submitting a claim? We've all heard that when someone gets their car stolen, all of a sudden they had their jewelry, fine art and family photos in the trunk. Well, of course the insurance company may question something like that. In a more down to earth situation. We suggest you grab your smart phone and take snapshots around your house of anything and everything you consider of value. Because the image will have a time stamp, it's a great document of proof that you owned the items you may have to include in your insurance claim. Don't be caught unprepared because it will save you lots of time and heartache.
Alarm
Another way to lower your insurance premiums is to install a burglar alarm. Most home owners aren't aware that if you have one some companies offer discounts. In the past alarm systems were complicated and expensive to install, but now there are kits available online that can be installed in one afternoon by the homeowner. What's even better is that they connect directly to your smart phone so it can alert you and the emergency services at the same time.
Good Dog
We all love our pets and even consider them part of our family. Unfortunately in the eyes of most insurance companies, not all dogs were created equal. Did you know that there are some breeds of dogs that can never be insured because they are considered too high a risk? When a new client signs up with our brokerage, we always give them a list of these breeds and how to tell if they are covered or not. Remember that if you don't have coverage and your dog injures someone or damages property you are solely responsible for all costs. A good fence goes a long way to keeping your pet and your family protected.
Left Out in the Cold
Specifically let's talk about your fridge, stove, washing machine, and all other major home appliances. Did you know that they are not automatically covered in most policies? However, there is good news for homeowners. You can buy for a few dollars a month a supplemental endorsement which would cover these appliances against equipment failure. This usually covers the cost to get them fixed and if they cannot be fixed, they will pay the replacement cost. That's why we urge all of our clients to keep the original receipt when they bought them so they can get their money back.
We hope that these tips were useful. If you want to stay in the know, make sure to like and subscribe. If you want to know more about these tips or anything involving insurance, please feel free to call or text 956-303-2884.