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Having the proper amount of homeowners insurance is essential.
Your home in Nevada is a substantial investment.
If it were to be severely damaged or even destroyed in the event of a fire or some other natural disaster, it would be financially devastating if you did not have the proper coverage in place.
Many Nevadans are paying quite a bit more than they need to for their coverage, so here are some ways to lower your homeowners insurance cost.
Do You Have Too Much Homeowners Insurance Coverage?
The first thing you’ll want to do is make sure you have the right amount of coverage.
To figure out what the correct amount is you’ll need to determine the cost of rebuilding your home if it were destroyed.
To learn how much it will cost to restore you can contact a real estate agent or a general contractor and ask what the current price per square foot is to rebuild in your area.
Multiply that figure by the square foot of your house and you’ll have a ballpark number.
Many people over-insure their homes because they purchase enough coverage to match the original purchase price of the home.
The cost of purchasing a home is usually much more than to rebuild because the original Las Vegas loan amount and purchase price also included the land.
Bundle and Save
Bundling different types of insurance is another way to save money.
By obtaining multiple types of coverage from the same company, you may be eligible for discounts on each category.
For example, if you use one company for your homeowners, auto, and health insurance, you will likely qualify for a discounted rate on each.
You want to take advantage of any possible discounts that might be available to you. Many companies will give a discounted rate to non-smokers.
Cigarettes cause many house fires, and if you’re not a smoker, there is less of a chance that you will have a house fire and this reduces the risk to the insurance company.
Discounts are also available to people who install a home security system.
A home security system reduces the likelihood of your home being burglarized which diminishes what your insurance company would have to pay to repair damage or replace stolen property.
Anything you can do to lessen the risk to the insurance company could lead to discounted premiums. Call and ask your agent about any other discounts you could receive.
An effortless way to save money is to take advantage of the competition in the marketplace. Many insurance companies are competing for your business, and because of this, prices can vary widely from one company to another.
If you take a few minutes to get multiple quotes from several different insurance providers, there’s a good chance that you would find an opportunity to save 15% to 20% or more off your current premiums.
Here Are Some Practical Ways to Reduce Homeowners Insurance
Did you know that the types of pets that you keep will affect your homeowners insurance quote?
They are in your home, and if they make it a hazard, you automatically get higher premiums. Pit Bulls, Dobermans, and Rottweilers are considered high-risk pets.
If you park your car in the driveway, you’re already a higher risk than someone who has a covered garage where their car is not in sight all the time.
Insurance companies consider that a car in the driveway is a dead giveaway and can do two things:
It can get stolen, getting property destroyed in the process, or it can tell burglars when to break into your home.
An Alarm System
Top notch insurance companies insist on this, but with the stiff competition in the market, many insurance companies will leave it up to you to choose to install a security system.
They argue, and correctly that an alarm system means that you are less of a risk.
You can stop break-in before it occurs. If you don’t have an alarm system, get one installed.
A security system may look like an expensive thing to have, but consider that this is your home and you are increasing your security.
The alarm system will also enhance the value of your home. If you ever must move to a new home, most alarm companies are willing to install a new alarm system in the new house at little cost.
Wiring and Plumbing
These bear a direct relation to risk because if they are done poorly, there are higher chances of fire and flooding.
You should ensure that a professional contractor of excellent standards does your wiring and plumbing.
Present the certificate to the insurance company and ask them to give you a better deal.
Have you researched to see what the market is offering?
Compare what you find with what you are paying. If you find that you are paying more, go to an insurance provider who is charging you less.
Look on the internet to see a great range of options.
You can also talk to those who own homes near you. See what kinds of deals they are getting from their homeowner’s insurance package and whom.