Homeowners Insurance 3

Homeowner’s Insurance Part 3

Saving on Insurance

Perhaps you have felt overwhelmed by reading these articles. Maybe you have realized you are under-covered, but don’t have the money to buy a heftier insurance policy. Here are a few tips on how to save money on insurance.

1) If you group your insurance policies together—for example, homeowner’s insurance, additional liability, car and several riders—you might be able to qualify for a discount up to 15 percent. Staying with the same company for several years may also give you a discount, especially if you haven’t made very many claims.

2) Adding a security system to your home can reduce premiums.

3) Fireproofing your house by adding smoke detectors or owning a newer home can make you eligible for additional policy discounts. Check with your agency to see if they endorse a certain smoke alarm before installing.

4) If you are a member of a select group such as a graduate student of a certain university or are a senior citizen, you may be able to get special discounted policies. If qualifying for the discount requires you buying a new policy, be sure to read the new policy over carefully for any differences from your original plan. You may not be getting comparable coverage with the new plan so the discount might not be the best option.

Home Office Insurance

If you own a home office, you need to protect your business interests as well as your home. Simply insuring the physical aspects of your business, such as computer, and fax machine doesn’t mean that you are completely covered. Consider the horrible possibilities to make sure you have enough coverage.

*Think about how you would run your business should a disaster destroy both your home and office. Where would you work until your home is rebuilt? You would most likely need to pay for a temporary office space.

*Protect your business from the loss of another business’s property that is in your possession. If a thief steals your computer and the only copy of a client’s work in on the computer, you may be liable for the loss. Also think about what would happen should a virus wipe out your computer’s memory.

*Some potential hazards might already be covered in your homeowner’s policy. For instance, if a client takes a fall just outside your office, your regular policy may cover the expenses. Just be sure to clarify the original policy and enhance any options that seem necessary.

*If you have any employees, check with various companies to get the best coverage.