Thinking about your home catching fire or getting damaged by a flood anytime can be scary. Whenever it happens, and you don’t have enough coverage, the financial losses could devastate you and your family. However, to keep your home safe, home insurance can protect you from extreme risks and other measures.
In this post, you’ll get tips for ensuring your home’s safety. Stick with me to the end so you won’t miss a single piece of information to keep your home safe.
How to Keep Your Home Safe
Consider an investment in security
When it comes to home safety, many homeowners do not consider investing in security for their property. While you feel that your neighborhood is relatively safe, there are still break-ins and robberies in other neighborhoods. Security features such as an alarm system and security cameras are often cost-effective methods of protecting yourself and your property.
Again, if you’re a victim of theft, it’s important to take steps toward securing your property so it won’t happen again. Also, you should take steps toward securing your identity after being a victim of theft.
Prepare for the worst
You should have a home inventory of your belongings, such as furniture, artwork, electronics, and clothing. A list will ensure you’re properly covered if fire or water damages anything. Having an inventory means it will be easier for you to file claims with your insurance company when necessary.
National Association of Insurance Commissioners recommends keeping photos or video footage of valuable possessions in case they’re lost or destroyed beyond repair. If you take these precautions, you’ll be better prepared to deal with any unfortunate situations. It could save you thousands of dollars in potential losses.
Know your coverage
When you buy homeowner’s or renter’s insurance, ensure you understand what is and isn’t covered. Most policies exclude damage caused by floods, earthquakes, and other natural disasters. Flood coverage is often available as an add-on but can be expensive.
Learn what’s covered before you need it — so if something happens, you’re not caught unprepared. Ask your agent if you have any doubts about whether your policy covers something. You might also want to consider buying additional liability protection.
Many homeowners’ policies only cover up to $500,000 in liability claims for bodily injury or property damage. Talk with your agent about increasing the limit if you own valuable items such as jewelry, fine art, or antiques.
Your insurer may require proof of value for high-dollar items. This could come in handy if someone gets hurt on your property and sues you for damages.
Check your payment history
If you have any late payments or foreclosures on record, it could affect how much you pay for homeowners’ coverage. Hence, you may end up paying for less coverage than you desire. If you make your payments on time without negative marks on your credit report, you’re qualified for reasonable homeowners’ premiums.
Check with your agent to see what discounts may apply. For example, paying annually instead of monthly can sometimes save money. You might also consider bundling your auto and home policies, which can reduce costs even more.
“What kind of deductible do I need?” the amount you choose will depend on your budget and risk tolerance. A higher deductible means lower premiums but higher out-of-pocket expenses in case something happens.
Protect your valuables by insuring them separately
Sure, you’ve got renter’s insurance, but have you ever considered insuring items separately? For example, you could insure each piece for its replacement value instead of insuring your furniture as one package. This way, if something damages your apartment, you can replace it with something similar.
It may seem like a lot of money initially, but it will pay off when an accident happens. Also, don’t forget about insuring electronics—they are expensive to replace, especially if they break or someone steals them. If you take all these precautions, your valuables should be protected in case of mishaps.
Have a safety plan in place (fire, flood & natural disasters)
Our homes are our biggest investments. They’re not just big-ticket items – they’re financial statements on our lives. With that in mind, we must work hard to protect them.
A very important step has a safety plan in place. Natural disasters strike any time – but fire and flood are two of the most common threats to your home. If you don’t have a safety plan, now is the best time to get one started.
Here are some tips for protecting your home from fire and flood:
- Planning out your home’s evacuation route will make escaping in an emergency much easier.
- Make sure everyone in your household knows where to go if there’s a fire. Draw up a floor plan of your house and mark escape routes with tape or paint. This would let everyone know where to go.
Use a dedicated agency to protect your interests
If you’re using an independent agent to protect your financial interests, ensure they are licensed and accredited. Accreditation means they have met certain standards. If they don’t meet these basic criteria, walk away.
Moreso, find someone who has been in business for at least five years and has experience with your property type. You can ask about that on their website. The longer they’ve been around, the more knowledge and expertise they will have.
You want someone with whom you feel comfortable working. You should also check out your state’s department of insurance website and see if there are any complaints against them. Some sites even let you search for complaints by name.
If there are any issues, it might be best to go elsewhere. It’s important to note that just because one company doesn’t offer coverage doesn’t mean another won’t. They have different policies and procedures, so shop around until you find one that fits your needs.
Conclusion
Bad renters can destroy your rental property, and their personal home insurance won’t cover their damages. If you’re considering renting to someone, make sure they don’t have any previous claims against them. Copying tenant credit reports will tell you whether there are any past lawsuits, liens, or other legal matters.
Enjoy these steps to keep your home safe!
