Home Insurance Folsom, CA

7 Tips to Get the Most Affordable Home Insurance in Folsom

Home insurance is essential. This is one of the first things that a Folsom loan or finance company will ask for and the policy had better cover at least the fair value of the property. Unfortunately, home insurance is not cheap and people that live in areas that are considered to be higher risk are going to have even higher insurance rates. The good news is that there are ways to trim the cost and make sure that you have the coverage you need without coverage you don’t.
Security Systems & Alarms
Security systems and smoke alarms will reduce your insurance premiums by at least five percent. The insurance company will want to see that your security system is monitored by a security company. Save another minimum of ten percent if you have functioning smoke detectors located throughout your home. This is a good start to reducing those insurance rates.
Lower your Deductible
Perhaps you have noticed that the lower your deductible is the more you pay in premiums? You may very well think that this works to your benefit but consider how much extra you pay annually in premiums compared to what a minor claim may cost you such as a broken window or some slight wind damage on the side of your home. It very well may be in your best interest to take your chances and save some money.
Multi Policy Discounts
Another way to reduce home insurance costs is to ask for multi policy discounts. This means that all of your insurance needs are handled by the same insurer. These trim down costs very nicely. If you want some big savings try to pay your mortgage off. Insurers bank on the fact that total ownership of your home means you will maintain it better.
Added Luxuries
If you are planning on adding a swimming pool or a trampoline, plan on your insurance rates to soar by around ten percent. This might make a difference in whether or not the increase is worth the luxury. It might be nice to have these things but decide with the increase in mind.
Annual reviews
Homeowners should make it a point to always review your insurance policies annually. Find out if any changes have been made to your policy and gather up a few new home insurance quotes for comparison reasons. See if there have been any changes that you have made that could lower your home insurance costs. Did you get rid of a swimming pool, add an alarm system, or upgrade fire alarms, as this will reduce your premiums.
Replacement Value
Your home insurance policy should always have coverage for guaranteed replacement value. This means that if disaster strikes your home will be rebuilt and all expenses will be covered. Do not make the mistake of thinking that having insurance automatically means you are covered for this. Always make sure to document everything. Include pictures and video when possible and store them in a safety deposit box. This will hasten any payouts that you may need one day from your insurance company.