4 Home Insurance Tips You Need to Know

Make sure your contents and property are covered

By Paula Felps

The largest single investment most of us will ever make is our home. With that in mind, it’s important to know how to protect it. Knowing what to look for on your home insurance policy can save you money while at the same time providing you with peace of mind—which is absolutely priceless.

Sarita Rossi, an agent with Rossi Insurance Agency in Dallas, says it’s vital to know what’s in your policy.

“It’s important to have an agent you can call and talk to—not just a website or 800 number to call,” she says. “A good agent can go through your questions and educate you to make sure the decisions you make are in your best interest.”

Four things that many people haven’t considered for home-insurance discounts are:

1. Insure your home at replacement cost, not for the amount of the mortgage. “You don’t need to insure the land; just the home,” Rossi says. “If you’re insured for the amount of the entire mortgage, you’re probably over-insured.”
2. Look for policy discounts. You can receive discounts for bundling your home and auto insurance, as well as for home renovations and security systems.
3. Double-check your coverage on personal property, and make sure you have extra coverage for high-dollar items like antiques, jewelry, and firearms that exceed your normal policy coverage.
4. Consider a higher deductible. By raising your deductible, you’ll pay less out of pocket for premiums. Raise that $250 or $500 deductible to $1,000, and you could save 25 percent or more.