Tag: homeowners insurance

Three Ways To Lower Your Insurance Premium

130313104155-covered-dont-be-so-sure-insurance-ins-620xa

If you’re looking for a lower homeowner’s insurance premium try one of these tricks:

Call competitors.  This can be time consuming, but calling several companies for rate quotes can end up saving you quite a bundle in the long-run.  Just make sure the quotes you are getting match the coverage your currently have, otherwise it’s not a good comparison.  In some cases, switching carriers could save you up to 10% annually!

Package it.  Depending on your carrier, you may be able to get a better rate if you bundle your homeowners insurance with your auto coverage.  If you currently have separate policies, call both companies and ask about package discounts.  Who knows, maybe you’ll even save some money on car insurance while you’re at it!

Raise your deductible – A deductible is the amount of money you will have to pay out of pocket before your insurance kicks in.  If you’ve got some money set aside to cover unexpected expenses then raising your deductible can save you a significant amount each month.

Looking to buy or sell a home in Southern Delaware?  Give Cooper Realty Associates a call and put us to work for you – 302-629-6693.

5 Things To Know About Homeowner’s Insurance

homeowners-insurance

Homeowner’s Insurance is something that everyone has to deal with, but not everyone understands.  Here are five tips for dealing with it:

1.  Shop around.  You shouldn’t just shop around for the best price, you should also shop around for the best agent.  If you need to file a claim, you will have to work with an insurance adjuster.  Knowing, liking, and trusting your agent can make this process much smoother.

2.  Lower your premium.  Insurance companies figure out your premium from formulas that are based on how much risk they forsee in your property.  Taking some preventative measures can lower your premium by up to 20%!  Examples of preventative measures that affect your premium are installing smoke detectors, dead bolts, and alarm systems just to name a few.

3.  Replacement v. market value.  The policy you choose will either cover the “replacement cost” of your home or the “market value” of your home.  A market value policy is typically less expensive, but in the event that your home is ruined by a serious disaster you may not recoup enough to rebuild.  A market value policy will pay out based on how much someone would pay for your home and accompanying land in whatever condition it is in – so basically the insurance company will buy you out at market value after a disaster.  A replacement policy will pay out based on how much it will cost to replace your entire home.  Replacement coverage is definitely recommended, and sometimes even required by mortgage companies.

4.  Time limits.  When you purchase your homeowner’s policy, be sure to ask about time limits for reporting claims and then follow them.

5.  Jewelry coverage.  Many homeowner’s policies limit the coverage of jewelry.  If you have expensive jewelry in your home, even if it is just a couple of wedding rings, be sure to note the jewelry limits in your policy and purchase a supplemental policy (often called a rider) if necessary.

Thinking of buying or selling a home in Sussex County?  Give us a call at Cooper Realty Associates and put us to work for you – 302-856-6434.

3 Ways To Lower The Cost Of Homeowner’s Insurance

 homeowners-insurance

There are many reasons that your homeowner’s premium might go up, but if you’re looking to lower yours, try any of these quick tips:

  1. Call competitors – Yes, it can be time consuming, but calling several companies for rate quotes can end up saving you quite a bundle in the long-run.  Just make sure the quotes you are getting match the coverage your currently have, otherwise it’s not a good comparison.  In some cases, switching carriers could save you up to 10% annually!
  2. Package it – Depending on your carrier, you may be able to get a better rate if you bundle your homeowners insurance with your auto coverage.  If you currently have separate policies, call both companies and ask about package discounts.  Who knows, maybe you’ll even save some money on car insurance while you’re at it!
  3. Raise your deductible – A deductible is the amount of money you will have to pay out of pocket before your insurance kicks in.  If you’ve got some money set aside to cover unexpected expenses then raising your deductible can save you a significant amount each month.

Looking to buy or sell a home in Sussex County?  Give Cooper Realty Associates a call and put us to work for you – 302-644-2266!

Post-Storm Insurance Tips

In the wake of hurricane damage many of us are dealing with insurance claims.  Here are five tips to make the process smoother:

1.  Know the difference between your deductible and a hurricane deductible.  Your deductible is the amount that you, as homeowner, must pay for damages before you insurance kicks in.  Usually this is either $500 or $1,000.  Hurricane deductibles are usually much higher and range between 1%-5% of the home’s insured value.  So if your home is insured for $200,000, your hurricane deducible can be anywhere from $2,000-$10,000 depending on your policy.

2.  Know whether or not you have flood coverage.  Standard policies cover wind damage and damage from wind driven rain, but flood-related losses aren’t usually covered unless you’ve got flood insurance.

3.  Tree damage should be covered.  Most standard homeowners policies should cover damages from fallen trees onto fences, garages, homes, sheds, and other property.  However, if a neighbor’s tree damaged your property or your tree damaged a neighbor’s property who’s coverage kicks in depends on the situation.  Typically whoever “owned” the tree is responsible for the damages, but of course there are exceptions to every rule.

4.  Car insurance matters too.  If your car was damaged by flood water or a fallen tree it should be covered if you have comprehensive insurance.  If you only have liability insurance, however, damages to your vehicle will not be covered.

5.  Look into disaster assistance.  If your home is within a federally declared disaster area you may be eligible for government assistance.  This assistance comes in the form of loans and grants and requires the purchase of flood insurance for the life of the loan.

Thinking of buying or selling a home in Sussex County?  Give us a call at Cooper Realty Associates and put us to work for you – 302-856-6434.

3 Ways to Cut the Cost of Homeowner’s Insurance

3 Ways to Cut the Cost of Homeowner’s Insurance

1.  Raise Your Deductible
Your deductible is the amount you agree to pay before insurance kicks in to cover any claim.  Raising your deductible from $100 to $1,000 can save you up to 25% on your insurance premium.

2.  Bundle Your Policies
By combining your homeowners insurance with your auto insurance policy you can qualify for a discount of up to 10%.

3.  Get Rid of Coverage You Don’t Need
If you don’t live in an earthquake zone, then earthquake coverage is just costing you more money.  Same thing goes for flood insurance, jewelry policies, and more.  Comb over your coverage and dump the unnecessary parts to lower your premium.

Thinking of buying or selling a home in Sussex County?  Give us a call at Cooper Realty Associates and put us to work for you – 302-644-2266.

Thursday Three: 3 Ways To Lower Your Homeowner’s Insurance Premium

There are many reasons that your homeowner’s premium might go up, but if you’re looking to lower yours, try any of these quick tips…

There are many reasons that your homeowner’s premium might go up, but if you’re looking to lower yours, try any of these quick tips:

  1. Call competitors – Yes, it can be time consuming, but calling several companies for rate quotes can end up saving you quite a bundle in the long-run.  Just make sure the quotes you are getting match the coverage your currently have, otherwise it’s not a good comparison.  In some cases, switching carriers could save you up to 10% annually!
  2. Package it – Depending on your carrier, you may be able to get a better rate if you bundle your homeowners insurance with your auto coverage.  If you currently have separate policies, call both companies and ask about package discounts.  Who knows, maybe you’ll even save some money on car insurance while you’re at it!
  3. Raise your deductible – A deductible is the amount of money you will have to pay out of pocket before your insurance kicks in.  If you’ve got some money set aside to cover unexpected expenses then raising your deductible can save you a significant amount each month.

Looking to buy or sell a home in Southern Delaware?  Give Cooper Realty Associates a call and put us to work for you – 302-644-2266!