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Assess Your Home and Have it Insured
A lot of old homes are in peril of losing their insurance if they don’t comply with the insurance company’s will. It is a common misconception that old homes have higher insurance since they have a higher market value, but the reality is, it’s the other way around. Old homes are fond of using aluminum for their electrical wirings. Insurance companies claim that these electrical wirings can overheat and if not spliced correctly. A short can also occur when these wires trip. There are some ways to distinguish a faulty aluminum wiring system and that is, if the box of the main switch has burn stains around it (the walls). You also have to smell if there is a trace of “burning electricity” in your homes. If these things are discovered by your insurance company, chances are, your insurance can go lower than expected.
Here the guides on how you can take of your insurance policy.
1. Leaving your home a long period? Have the insurer know it
Emptying the house is a big risk. Informing the insurer will be a big help for the reason you may know if it’s still covered.
2. Check excess level
Any excess amount in the event of claim needs to be pay.
3. Confirm what other possessions are covered.
It may refer to your children’s possession. Verify what requirements are so that their belongings will be covered too.
4. Are you located in a flood zone?
If you are located will flooding usually occurs often times your options in home insurance are limited
5. How about not cover in home insurance.
Not all in your possessions are covered by the insurance. So it’s best to know which are uncovered.
A horrible thing happened in Key West before: hurricane Wilma brought down a lot of houses, some deem to be irreparable. There were hundreds of people affected by the said catastrophe. Recently, a certain Robert Cintron, a local lawyer, filed a case against 5 insurance companies for not doing what they are supposed to do.
Mr. Lopez, a resident of Key West, lived inside a cramped trailer provided by the government for 2 years since his insurance companies fought over who was to be responsible in the said catastrophe (whether wind or flood). Cintron is said to push through with the case so as to teach irresponsible insurance companies a lesson.
Have a security and smoke alarm systems installed. By having a security systems in your house will help you to lower its annual premium. Often time’s burglar system is somewhat monitored or connected into police station or by the security provider. Obtaining a discount is easy; just provide proof of billing or contract of the security systems to the insurer.
On the other hand, smoke alarms are also important especially to those who have older homes. Also, it gives you to lower your annual premiums. Modern houses are standard to have this installed. Besides in getting discounts, they could save you and your family!
The owner may opt to raise the deductible to lower its annual premium. The only problem in deciding to deduct high-value will affect the claims. The homeowners will cost them in the repairing damages in the house such as broken windows, damage on doors, leaks on the pipes.
Other way to lower the premium is by having a multiple policy under one insurer. Most insurers offer policy such car insurance and health insurance. Getting all of it may get a 10% or more customer discount. Customers may save up two annual policy premiums considering they got other types of insurance from the same homeowner’s insurance provider. Not bad.
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