By Dez Duran-Lamanilao

No one can argue with the benefits of purchasing home Insurance. Some of the most common reasons that justify the need for such include protection from natural disasters, theft, damaged personal property, vandalism or malicious mischief, smoke, and explosion. If your home is in mortgage, your lender is likely to require that you have homeowners insurance, for protection from fire or other risks.

There are, however, disasters that insurers do not usually include in a typical homeowners Insurance Coverage, such as floods, earthquakes, nuclear accidents, war and landslides.

Saving on home insurance without sacrificing the coverage that you need is a skill every homeowner must learn. Here are a few practical tips to save on home insurance so you can have extra money to spend on some equally important things:

• Conduct a review of your policy at least every year. Check out the items included in your policy that you are no longer using. If an old storage has been vacant for some time now, remove the structure and cross it off from the list.
• Insurers sometimes offer discounts for houses that employ stronger security measures such as security cameras, smoke detectors, and alarm system. Talk to your insurance agent and find out what the chances are to qualify for reduced prices.
• When planning for home improvements/renovations, make sure that you will not incur losses. There is a risk of rendering your home insurance coverage short if the value of your home improves.

The most common upgrades that may affect your homeowners insurance either positively or negatively include new roof, office for a home business, bigger living room space, and kitchen and bath upgrades.

• Lump all your insurance needs together so your policy provider can have more room for discounts.
• Increase your deductible to reduce the risk to your insurance provider and eventually, to reduce your premiums.
• Claim wisely. Decide if a claim is worth it and if it will not affect your final claim payout.
• Annual payments offer extra savings compared to monthly payments, which may require administration or financing fees.
• If you are thinking of purchasing or renewing your homeowners insurance, consider comparing rates from two or more insurers so you have more options.

Be prepared to deal with crisis. Protect your loved ones and their future. Secure their basic needs. Find an agent that can help you keep your house safe if the unexpected happens. 

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