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Ways to Reduce Rates on Home Coverage

Becoming a homeowner is, for many, a dream come true. It’s proof that your hard work has paid off and you can now start to plan for things like a family, retirement, and maybe even a vacation or two. But it’s equally important to have homeowners insurance in Los Angeles to protect your investment. Houses, depending on the materials used to build them, will have exposures that must be addressed, things that could cause serious damage to your beautiful home.

Then there’s the threat of being named in a lawsuit if someone gets injured while on your property. With issues that are out of your control, as well as the things that you can control and should be aware of, you need to do your part to make sure that your property is safe, well-kept, and that you are always in a position to protect your finances as well.

Pricing for coverage can vary

It makes perfect sense about every three to five years to shop around to see what the current cost is for the same level of coverage you now have, including deductibles, policy limits, and even riders with other local insurers. The fact is that companies often give a discount for loyalty, so staying with your current insurer might be your best option.

You might want to see if you can save money by bundling coverages, as this could be beneficial to you as well. Buying several policies (home, auto, boat) from the same insurer will often save you up to 15 percent on all policies combined. Raising your deductible can also save you money, plus you may be able to cut as much as 20 percent off of your premium by maintaining and upgrading your home’s fire and smoke detectors, burglar alarms, and dead-bolt locks.

Conduct a home inventory & keep records

Many experts will tell you that recalling lost or stolen items and papers are perhaps one of the most difficult parts of the claims process. Cataloguing all pertinent belongings, including receipts, with video or photos is a must. Keep copies of vital documents in a fireproof safe, in a bank safe-deposit box, or somewhere safe that is off premises.

You may also keep premiums lower by avoiding filing claims for inexpensive issues and avoiding the type of things that cause insurers to increase premiums or rates on homeowners insurance in Los Angeles. Speak to a qualified agent about any questions or concerns you may have.