Ways That Having Home Insurance Saves You Money
Home Insurance
When you own your home, you of course want to protect it in every way possible.
One of the best ways to do so is by purchasing home insurance since this will offer you financial protection should your home be damaged by a natural disaster or fire.
But along with these levels of protection, having home insurance can save you money in many unique ways, some of which are described below.
Lawsuit Protection
Should someone slip and fall on your property or perhaps be bitten by your family dog, the liability coverage within your home insurance policy can cover the costs should a lawsuit be filed against you.
Often included in your policy at no additional cost, it can potentially save you thousands of dollars.
Safety Discounts
Since insurance companies don’t want to pay out claims all the time, you can take advantage of multiple safety and security discounts to get lower premiums.
The most common include discounts for installing a home security system, using fire-resistant materials to build your home, and installing a sprinkler system.
Bundle Home and Auto Insurance
Should you like doing business with your current insurance company, consider bundling your homeowners insurance and your auto insurance.
If you do, your insurance company will likely reward you with a discount that could exceed 20 percent.
Displacement Costs
If you are unfortunate enough to find yourself having experienced a natural disaster, fire, or other situation that results in your home being uninhabitable for an extended period of time, your home insurance can cover the costs of staying at a hotel and eating at restaurants.
Known as displacement costs, this benefit can be extremely useful in the event of an emergency.
However, most policies have monetary limits or time limits regarding displacement costs, so check your policy and contact your insurance company if this benefit will need to be used.
Items Stolen on Vacation
While you know your policy gives you coverage that will replace items that may be stolen from your home, it will also save you money by covering the costs of any possessions you have with you on vacation that may be stolen.
Known as personal property coverage while traveling, this can give you peace of mind and keep plenty of money in your pocket.
By taking the time to read your home insurance policy and discuss any concerns you have with your insurance agent, you may find your home insurance can save you more money than you ever thought possible.
Category: Insurance
