It's easy to get into a groove with your home insurance payments. But, you may be missing out on some savings. Here are some times when getting an updated home insurance quote may be fruitful.
Crime Rates in Your Area Have Gone Down
Crime rates in the area fluctuate. So do other things, like the climate and the resulting likelihood of a flood. So, your updated quote might take these factors into consideration. As a rule of thumb, get an updated quote every 5 years, no matter what. A lot can change in your neighborhood in that span of time.
Your Home Value Has Gone Down
Home values are likely to go down over time. When you have new construction, the value of those materials is high. But as your home gets older, it may not be worth as much. Of course, this is only one way of valuing a home, since some homeowners prefer to insure for the amount that it would cost to buy or build a comparable home.
You've Added Significant Value
On the other hand, sometimes you want to get a quote to cover your home for more value. That makes sense if you have made considerable improvements to the home or if you now have many more expensive possessions housed in the home. If your old home insurance policy did not cover property, you might be adding this coverage for the first time. If you have questions about how to value your property, be sure to get a representative on the phone to answer your questions.
You've Made Upgrades to Your Security
Part of your home's insurance quote depends on the amount of security that you have, in terms of potential thefts, fires, and natural disasters. It makes sense that upgrading your home in these areas would cause your insurance rates to go down.
For security upgrades, consider adding a full security system that includes surveillance cameras, electronic locks, and double pane windows.
Fire safety will depend on the types of sprinklers and alarm systems you have. You might also have fire extinguishers on hand at home.
Natural disaster damage is a bit harder to control for. Things like basement waterproofing to prevent flood damage can be helpful. The more you can reduce your claims, the better the rates you will qualify for, so keep up to date with reasonable home insurance rate quotes for your home.