Home ownership comes with many responsibilities and expenses. Homeowners insurance is one expense that is just as necessary as taxes, repairs and the cost of general upkeep*. The cost for your homeowners insurance will vary according to your home's features and location.
Six primary types of coverage determine most Homeowners Insurance quote prices:
- Dwelling (Structure) Coverage
- Property Coverage (Contents)
- Medical Payments to Others (known as "guest medical")
- Personal Liability Coverage
- Coverage to Other Structures on Premises
- Coverage for Personal Property off Premises
* In California (CA) home owners are not required to purchase homeowner insurance. However, if your home has a mortgage loan secured by the home your mortgage lender will require you to carry California Homeowner Insurance (in most cases).
The following are things you can do to help save money on your Homeowners Insurance and simultaneously improve your home's safety features.
- Increase your deductible
- By taking on more risk yourself through a higher deductible, you can reduce the amount of premium you pay.
- Buy it together
- Buying both your auto and homeowners coverage from Los Gatos Insurance Center can qualify you for a multi-policy discount.
- Disaster-proof your home
- Take the necessary precautions to protect your home against the serious acts of nature in your area, such as tornados, hurricanes or earthquakes.
- Buildings only
- Any land or property that belongs with your home should not be included when assessing your home's value and the amount of insurance needed.
- You should insure nothing more than the full cost to rebuild your home.
- Add safety features
- Smoke detectors, burglar alarms and deadbolt locks can save lives. They can also save you premium dollars.
- Sprinkler systems and high-end security systems can save you even more.
- Appraise your possessions
- Make sure your coverage amounts are a true reflection of the worth of your valuables by having them regularly appraised.
- Don't get comfortable
- When performing your own annual financial review, remember to examine whether your current coverage is up to date.
- Your agent will be glad to help you with this process.
- Buy wisely
- If you are in the market for a new home, consider a house's features and how they may affect your insurance costs.
- Homes with newer plumbing, electrical and heating systems can help you save money.
- Being in a community with a professional fire department or being close to a fire hydrant could also mean you'll pay less.
We can help explain all of this in detail and customize it for your specific needs. Give us a call today.