Being a homeowner can be an exciting experience. Once you finally have authority over where you live, the possibility for home improvement is limitless. While it’s great to paint your home any color you want or even add rooms to your home, there are a few practical improvements you can make to lower your insurance costs on your home.
A New Roof
It’s easy to take your roof for granted, but a healthy roof can save you a lot of money. In some areas, a new roof can cut home insurance premiums by 10 to 20 percent. This huge cut comes from the expense and time needed to install a new roof, but it’s worth the work. While hurricanes and tornadoes don’t affect Utah as much as they do in other states, we have wind and snow to worry about. These problems make roof damage a common cause of insurance claims, so preventing problems in the future is worth your time now.
Home Security System
It’s always a good idea to take safety precautions with your home. Theft and fires can be serious threats to homeowners and require a lengthy insurance process. When you add smoke detectors, burglar alarms or dead-bolt locks, you can expect a discount of at least 5 percent. Some insurance companies offer 15 to 20 percent for adding a sprinkler system. That said, be sure to get recommendations from your insurance provider before installing a system. Some companies only apply their discount to certain systems.
Remove Old Structures
The age of your home can affect insurance rates in a serious way. Of course, old Victorian houses are charming and regal, but if the plumbing or electricity is faulty, it could be a recipe for disaster. If you have an older home or a house with older structures on the property, they can pose a risk to you, your family or houseguests. Replacing the wiring and old plumbing or removing an old shed on your property makes your home safer and less likely to cause problems for you and your family.
Keep Trees in Check
Utah and the Salt Lake City area is famous for wind and snow. The trees and landscaping on your property can become a liability when bad weather strikes. Every year fallen limbs and branches are the sources of hundreds of insurance claims. That’s why keeping landscaping clean and tidy reduces the risk to your home and your rates low.
For a service that often costs under $20 a month, you would think more than 40 percent of tenants would have renters’ insurance. While some might think of renters’ insurance as an extra bill to worry about, it is actually a cheap way to protect your belongings and family from expensive unforeseen circumstances.
Most insurance policies protect you from a number of natural threats such as fires, storms, hail, and non-natural threats like explosions, riots, vandalism and theft. Without it, a disaster can become incredibly expensive for both parties.
In cases such as fire or theft in your rental, your landlord is not obligated to pay for your personal losses, leaving you to pick up the slack after a disaster. Renters’ insurance is a great way to cover the gaps in your landlord’s policy and your own.
Renters’ insurance is a great way to protect your possessions, visitors and family who live in your rental. In cases of disasters like fires, floods, storms or theft, renters’ insurance provides you with a reimbursement to replace what you’ve lost. Additionally, these policies keep visitors to your property safe. For example, if a delivery person injures themselves or a pet bites a guest on your rental property your policy can cover their medical expenses and protect you in the case of a lawsuit. Without it, you’re paying out of pocket for potentially expensive situations.
Get Renters’ Insurance Today
There’s a lot to like about renting a home. You don’t have to pay for repairs and it makes moving much easier. Whether you’re new to renting or just moved to the area, Insurance Quotes Salt Lake can connect you to the perfect renters’ insurance policy for you.
Are you renting an apartment or home without renters insurance? While your landlord’s property insurance policy covers losses to the building itself, your personal property and certain liabilities will only be covered through renters insurance. However, very few renters actually have insurance because they are covered by the landlord’s policy. People also underestimate the value of their belongings, which can add up to thousands. It’s also important to have renters insurance for liability reasons, for example, if someone is injured in your house and wants to sue you. Here are some solid reasons why you need a renters insurance policy.
Renters insurance costs pennies per day and there are more ways to get even less expensive insurance. Considering that average families own thousands of dollars in personal property, this minor expense is quite a deal. Usually, you can pay for renters insurance for many years without a claim. If you experience a home invasion or house fire without renters insurance, you’ll have to replace everything out of pocket.
Renters insurance covers theft
If your rental home or apartment is robbed, renters insurance will pay to repair or replace everything that was lost. Without this policy, you have to replace the personal property with your own money and this expense can be financially devastating.
Renters insurance covers various perils
If your property catches fire or is destroyed by heavy wind, the renters insurance policy will pay to repair or replace personal property. Number and types of perils covered vary from state to state, but renters insurance covers most common damages.
Bodily injury liability is included
When someone other than an immediate family member is injured in your home or as a result of your personal property, medical costs will be covered by renters insurance. Injuries to yourself or immediate family aren’t covered and need to be taken care of through health insurance.
It covers damage liability
If you or your personal property causes damage to the property of someone else, even the landlord, renters insurance pays for the damages. This could include accidentally backing into a mailbox, denting a wall or breaking a window.
Renters insurance policies can be tailored to specific needs. It can often be modified to travel with you if you move before the policy expires. As personal property changes, the policy can be updated to reflect new items. This is the most versatile and portable form of property insurance on the market.