3 de June de 2024
4 Things You Should Know About Your Homeowners’ Insurance
- Protect yourself from lawsuits. If you own a property and do not have property insurance you may be exposed to lawsuits and litigation from your own tenant. Obtaining third party damage coverage is important, also called “Liability Converge”. This coverage starts with limits from USD $100,000 to $1,000,000 and is relatively inexpensive and important as it protects your asset.
- Protect your property with a life policy. A life policy protects property against the accidental or natural death of the property owner. This insurance pays in whole or in part the balance of the mortgage, allowing the property to be free of debt to its beneficiary. If the property has no debt, the beneficiary will receive an equivalent to the economic value of the property.
- Increasing your deductible reduces the cost of the policy. The higher your deductible, the more you can save on premium. Insurance companies recommend a deductible of at least USD $1,000, but deductibles of $2,500 or more can save you up to 25% on your annual premium.
- Having security features on the property reduces your premium. You can get up to 20% discount for having a smoke detector, fire and burglar alarm with central notification and certain locks on the main doors of the property. These systems are economical and offer greater security to your property.