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by Jerry Kennedy 10 Ways You Can Save Money On Your Homeowners Insurance -- And Provide Better Protection for Yourself and the People You Love! Your home is probably your most valuable asset. It is also a huge risk for you financially. What if something happens to it? A fire? A flood? Vandalism? What if someone visiting you slips, falls and suffers a serious injury? And sues you? An accident like that could put a dent -- or worse -- in your financial security. For most people, insurance is a mystery. They know they need to have insurance for their homes (mortgage lenders require it), but they don’t understand the coverage provided by the policy. And they don’t know which insurance companies offer the best -- the best! -- prices. Because they don’t understand the product, many people think insurance is a rip-off, and it is -- if you pay too much or buy coverage you don’t need. All homeowners insurance is not created equal. In fact, almost none of it is. There are thousands of different products out there, from hundreds of insurance companies. How do you find the insurance and the insurance company that are best for you? You read this special report and tap into my vast knowledge of the products and the companies that offer them. I am an insurance “insider.” A licensed member of the “club.”
I’ve sold the product. I know what kind of insurance fits your
needs. And I know what insurance companies sell this kind of insurance
at the best -- lowest! -- price. Because I’ve specialized
in the insurance needs of homeowners and their families, I have decided
to dedicate myself to solving for you some of the mysteries of homeowners
insurance. Replacement Cost or Actual Cash Value Your homeowners policy does not provide coverage for all potential catastrophes that could damage or destroy your home. Earthquake and flood are two “perils” for which there is no coverage. (You can get coverage for earthquake and flood damage in a separate policy or as an endorsement to your homeowners coverage.) Also, there is no coverage for damage caused by water that seeps into your home from the ground. You do have coverage for losses related to fire, smoke, lightning, wind storms, hail, explosions, vandalism and theft. There are different ways to insure your home, both the structure and your personal property. Let’s take the structure first. There are two types of coverage: replacement cost and actual cash value. Replacement cost is better for you, the homeowner. Under replacement cost coverage, the insurance will cover the cost of replacing the part of the structure that is damaged, up to a maximum dollar amount. Under actual cash value, the insurance will cover the cost of replacing the damaged structure minus an allowance for depreciation. If you have an older home, that allowance could be quite significant. Unless your policy specifically says it provides replacement cost coverage, the coverage is for actual cash value. So how much insurance should you have? Basically, unless you want to pay some of the costs yourself, you should insure your home for what it would cost to rebuild it if your residence were destroyed. How do you find this out? Your insurance agent can have an answer for you in no time. If you don’t have an insurance agent -- and you should -- you can contact your local builders association. In the home construction world, building costs are calculated on a square foot basis. As such, to determine the cost to rebuild your home, take the square footage of your house and multiply by the average per square foot building rate in your area. Your possessions are also insured on a replacement cost or actual cash value basis. Again, unless specified otherwise, the coverage in your policy is actual cash value. Homeowners policies also have limits on coverage for such items as jewelry, fine art and computer equipment. Read your policy and see what these limits are. For example, the standard policy will provide a maximum of $1,000 coverage for your jewelry if it is lost or stolen. If you have lots of jewelry, fine art or computer equipment, you should consider purchasing a special personal property endorsement or “floater” that provides the coverage you need. Speaking of need, you need to take written and visual (still pictures or video) inventories of everything you own in your home and in other buildings on the property. Include all furniture (indoor and outdoor), appliances, stereos, computers and other electronic equipment, hobby materials and recreational equipment, china, silverware, kitchen equipment, linens, jewelry and clothing. For the major items (computers, televisions, stereo systems, etc.), write down the serial number, make or model number, purchase price, present value and date of purchase of each item. If you have the receipts for the items, attach them to the inventory. Make at least two copies of the inventory and store one of those copies offsite -- a safe deposit box is a good place. Store the pictures or video of the inventory offsite as well. 10 Ways to Save Money Now that you know the basics of a homeowners insurance policy, here are 10 ways you can pay less. In many cases, you can get the same level of coverage for fewer dollars. 1. One Insurer, Multiple Policies 2. Raise Your Deductible 3. New Is Better 4. Location, Location, Location 5. Insure the House, Not the Land 6. Don't Insure What You Don't Have 7. Better Safe(r) Than Sorry 8. Where There's Smoke ... 9. Group Discounts 10. Don't Jump Around Is Your Coverage Adequate I won’t kid you. There’s more to this insurance game than saving money. In fact, while it’s nice to lower your insurance costs, it’s probably even more important to make sure you, your loved ones and your assets are covered adequately. It’s not a pleasant thought, but insurance is about worst-case scenarios. It’s also about peace of mind, knowing that you have the worst-case scenarios covered. Because I know peace of mind is so important, I am willing -- actually, I’m excited -- to reveal to you the secrets about insurance. Secrets that ensure you have all the protection you need. Why would I just give these secrets away? Because it’s just as good for my business as it is for you. I want to let you in on the knowledge I have accumulated as an insurance industry professional and insider. I want to do this because I have found, time and time again, that generosity and the willingness to provide really great service come back to me. Tenfold. In fact, that’s how I have built my business. Three Steps to Protection There are three basic steps you can take to protect your and your family’s financial well-being: 1. Have an Insurance Specialist Conduct a Risk
Analysis of Your Home, Car(s) and Family 2. Use an Agent From a Reputable Company 3. Don't Trust the Financial Protection of
You, Your Family and Your Assets Tto an Insurance Agent Who is Not a
Homeowners Insurance Specialist I know:
No Charge, No Obligation I will give you this information for FREE. No charge. No obligation. I do this because I’ve built my business on my reputation. I never hard-sell insurance. I’m in the service business. The better service I provide, the better it is for all of us. My clients stay with me because of my service -- and they refer me to their family and friends. I believe I serve families in our community better than anyone in this area -- in any profession. I believe this because I spend a lot of time with my clients, determining their needs, their level of risk, and finding the perfect insurance program for them. So if you want to protect yourself, your family and your assets from a crisis or catastrophe or just see if you can save money on your insurance, call my office. My staff and I will be glad to help.
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