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What do you like the
most about your home - the bright, sun-filled kitchen, the shiny
wood floors or the comfortable bedrooms?
Or is it the fact
that your home probably makes up - maybe the biggest part - of your
total net worth?
Either way, you have
to protect what you have, using homeowner's insurance.
What do you like the
most about your home - the bright, sun-filled kitchen, the shiny
wood floors or the comfortable bedrooms?
Or is it the fact
that your home probably makes up maybe the biggest part - of your
total net worth?
Either way, you have
to protect what you have, using homeowner's insurance.
Although there were
reports a few years ago of higher prices and limited availability
for homeowners insurance, the market has opened up again,
according to J. Robert Hunter, insurance director for the
Consumer Federation of America. Premiums are expected to rise by
no more than the inflation rate this year, he said.
"The market
remains a competitive one where homeowners' insurance shoppers
can be selective," said Marshall McKnight, a spokesman for
the state Department of Banking and Insurance.
Shop around.
While many homeowners believe that all insurance
companies charge the same, that's an expensive mistake.
Use a service such as ours to compare rate quotes from
different companies in YOUR area. To get started, click
here.
"You can go from one company to another and pay
twice as much," said Hunter.
And don't just call an agent and expect him to do the
shopping for you, Hunter advised, because agents don't
represent all companies and might not get you the best
deal.
Insure for
"replacement cost" rather than "actual
cash value." After all, if your belongings are
destroyed, do you want the insurance company to send you
enough to buy a new couch - or do you want a $50 check
for the actual value of your 11-year-old couch?
Make sure you
are covered for at least 80 percent of the cost of
replacing your home. If you're not, it could hurt you
even if your home does not need to be completely
replaced.
Let's say your home would cost $200,000 to replace and
you're insured for only $100,000, half of the replacement
cost. If you have a $10,000 loss, you would get only half
of that amount, or $5,000.
Of course, knowing how much it would cost to replace your
home is not always easy. For example, I know how much I
paid for my home, and how much I could probably sell it
for, but I don't have a clue how much it would cost to
rebuild if it burned down.
The state Department of
Banking and Insurance and the Insurance Council of
New Jersey recommend that homeowners in this
situation should consult their insurer, who will be able
to estimate the cost of rebuilding based on the size and
location of the home.
Think twice
before calling your insurance company with small claims
for minor home damage. There have been reports of
homeowners facing much higher premiums after putting in
only two claims. So if it's a loss you can handle, take
care of it yourself.
And, in that
vein, consider a higher deductible.
"If you're not going to file a small claim, it's no
use paying a premium to be covered for an amount you
wouldn't file for," Hunter said.
"Every dollar you give to an insurance company, on
average you only get back 60 cents," Hunter said.
The rest goes to the insurance company's profit and
overhead. So if you can self-insure for smaller losses,
you should.
About 20 years ago, Hunter raised the deductibles on both
his car and home policies, and banked the money he saved
on premiums in a special account. Over the years, he used
that account to pay for about $2,000 to $3,000 in losses,
mostly auto-related. He still has $4,000 - money that the
insurance company could have had.
"Nowadays, most insurance companies recommend a
deductible of at least $500. If you can afford to raise
your deductible to $1,000, you may save as much as 25
percent," according to the Insurance Information
Institute, an industry group.
Make sure
your home insurance policy includes enough liability
insurance, in case someone is injured on your property.
Consider
buying your home and auto insurance policies from the
same insurer. Some companies will take 5 to 15 percent
off your premium if you buy two or more policies from
them.
You can get
discounts if you install smoke detectors, deadbolt locks
or burglar alarms.
Keep your
credit history clean. Insurance companies are
increasingly checking credit reports to set their rates.
What is Home Insurance?
Home Insurance Tips
Homeowners Insurance Tips
The Top Ten Things You Need
to Know about Home Insurance
Determining Your Homeowners
Policy Needs
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