Homeowner/Renter/Condo Owner Insurance Tips

HOMEOWNER/RENTER/CONDO OWNER INSURANCE TIPS

1. Be sure your house is insured to proper value. Some companies now offer guarantees.

2. Higher deductibles can save you money. Normally a $500 or $1,000 deductible is recommended.

3. Watch out for special items such as jewelry, firearms, coin collections, stamps, boats, recreational vehicles, or furs. Most policies have limitations.

4. Your policy probably gives you some benefits for detached structures, but be sure they are enough.

5. Renters and homeowners alike need to be sure that their contents are insured with a "replacement cost" rider. This is a critical benefit that is sometimes overlooked.

6. Beware: if you operate a business from your home you must inform your agent. Some companies will provide coverage and some won't. You may even find yourself completely uninsured!

7. Do you own a seasonal dwelling or rental property? Be sure it is listed for BOTH property loss and liability claims.

8. Do you own a boat? Be sure your agent knows about it. Policies vary in their treatment of boats and differ according to value and type.

9. Many other options are available under homeowner's and renter's policies, including: nurses malpractice, earthquake, sump-pump failure, back-up of sewers and drains, ordinance requirements, and "personal injury" liability (libel, slander, etc.).

10. Some companies offer discounts on your homeowner/renter policy when you also insure an auto.

11. Do you carry enough liability insurance on your home? You should be carrying at least $500,000. A personal umbrella is another option to consider. It adds $1,000,000 of coverage over and above your home and auto policies.

12. Remember... The burden of proof is on you! Be sure to have photos or video of your personal belongings. It's easier now than AFTER a fire! And keep records where they will be safe!

13. Shop... shop... shop! Yes, companies vary widely in price and coverage! Discounts are available based on age, fire-hydrant proximity, township, and type of building construction.