Homeowner's Insurance – It’s Priceless

Realtor  ~  Lake Havasu City, Arizona

Recently in the city I live, a runaway delivery truck ran into a residential house after getting away from its driver.  The 126,000 pound truck actually jumped a curb and smashed right into the side of a house.  The driver said it slipped out of gear while he was out of the truck making a delivery. 

When I saw this story, I thought it would be a good time to blog about the importance of homeowner's insurance and how priceless it can be.  I would bet this homeowner would never have expected to need their homeowner's insurance to cover the cost of damages for a runaway truck.  This is why homeowner's insurance is so priceless.  You never know exactly what you will need it for.

Not only is it important to make sure you have homeowner's insurance, it is also important to have the proper coverage.  Many homeowner policies change over time and homeowners don't realize they no longer have the proper coverage. 

If you are a homeowner living near an earthquake fault line, high drought area or a flood area, you should expect to pay more for homeowner's insurance.  However, these are the most important areas to have homeowners insurance. 

Here are some homeowner's tips to help you keep the proper homeowner's insurance coverage:

·         Make sure you have chosen the proper deductible.  The homeowner's insurance deductible is the same as that of a heath and car insurance deductible.  They work just the same.  The higher the deductible, the lower your annual premiums will be.  However, when you have small problems such as broken windows, damaged walls or leaky pipes that are less costly to fix, you will have to pay for these out of pocket.

·         Review you policy regularly.  Homeowners should check their insurance policy at least once a year to make sure they still have the proper coverage.  Have you added something expensive to your home that needs to be added to your policy?

·         Maintain your security and smoke alarms regularly.  Each month, check the batteries on your smoke alarms, even if they are hardwired to your home.  They will have battery backup for power outages.  Smoke alarms will save you 10% on your homeowner's insurance and security systems can save you up to 10% on your homeowner's insurance annually.  You will just have to provide proof of your monitoring system to your insurance company.

As a homeowner myself, I can't stress the importance enough of having homeowner's insurance, especially after seeing such an unexpected accident like a runaway truck smashing into a home.

If you like this homeowner's advice, find more here.

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