How To Keep Your Homeowners Insurance Policy Up To Date To Save Money

housewithfenceResidential coverage protects against damage to or destruction of your residential structure. If your home is destroyed by a tornado, fire, or what disasters your policy covers, the insurance company can completely replace or cover the repairs to your home.

In this section of coverage, the most important reason to keep your homeowner’s insurance policy updated is because, in the event of disaster, the insurance company will only reimburse you for what your home is insured for, what you have on the policy.

For example, you purchased your home and homeowner’s insurance say five years ago. It is very likely the value of your home has increased since the purchase date. If you purchased the home insurance policy five years ago and have not updated the policy to the home’s current cost to rebuild, the insurance company will only reimburse you for the price you paid five years ago. So, if you purchased the home for $300,000 and the value has increased to $400,000, you’re losing $100,000 – quite a large sum.

In the end, it is essential to keep your homeowner’s insurance policy updated because you want to be sure your home is insured for 100 percent of the replacement cost. (Some policies automatically update to your home’s current value. Does yours?) While it is easy to let that dust settle over your policy from year to year, keep in mind that putting it aside could cost you much more in the end. Your homeowner’s insurance policy may make heavy reading, but it will be even more burdensome should it be out-of-date.

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How To Maintain Your Home to Keep Homeowners Insurance From Increasing

ID-10040226When travel through your neighborhood, it is easy to see which homes are being maintained and which are not. It’s simple to find homes that are run down, their lawn is overgrown, missing shingles from the roof a boarded up window. Some of these homes may be foreclosures that have been on the market for sometime and not selling.  Maintained homes aren’t perfect, fresh paint can do wonders for a nice looking home and clean windows, no overgrown trees or hedges shows the homeowner cares about their property.

Seasonal maintenance of your home helps to retain its value and prevent problems in the future. Some repairs can help keep your Homeowners Insurance policy from increasing since they include reducing safety issues such as fires or broken plumbing.

It’s helpful to keep a checklist of what you must do to maintain your home:

Check the batteries in your smoke detectors. When we change the clocks for daylight savings time we also change out the battery in our smoke detector.

Have a Pre Maintenance check for your  air conditioning system at least once a year by a professional.  A good running air conditioning system saves your money on your energy bill.

Check your doors and windows for to see if they close properly or if they need to be re-sealed. (This also can help lower your energy bill if there are leaks.)

Ask a professional how often your septic system needs to be cleaned out.

Take a walk on your roof and check the gutters, vents and roof tiles. If you see any damage address it immediately. If you are not sure what to look for or question anything, contact a professional roofer to help you out.

Inspect your walkway and driveway and repair any cracks or holes. Any injury caused by this is your liability.

Remove and clear any tree branches that hang over your home or your neighbor’s home.

Remove anything that can be caught up by the wind during hurricane season and store it indoors.

At least once a year have a Termites inspection.

Check the expiration date on fire extinguishers and replace them as needed. Put the expiration dates on your calendar as a reminder.

Inspect your attic for openings and if you need to restore or replace installation.

When using professional services, be sure to do a background check to see if the person or company hiring them out is licensed and certified to do the work you have hired them to do. Another thing to look out for is workers’ compensation insurance. If a worker in your home is injured, they will most likely be covered under their policy or the company that is hiring them out to you.

If they don’t have worker’s compensation, they can sue you. That means you’ll be using your Homeowners Insurance policy to cover their claim.

Image courtesy of Evgeni Dinev at FreeDigitalPhotos.net