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Utah homeowner's insurance is not a luxury, it's a necessity. How do you know your insurance is sufficient for your needs? How do you know you are not paying too much for coverage? Do you live in a high-rick area, such as near major waterways or earthquake fault lines? Here are six ways to make sure you get the right coverage for the right price. 1. Take Basic Security Precautions
If you have a burglar alarm that is directly monitored by a central station or a police station, the annual premiums of your Utah homeowner's insurance could be decreased by 5% or more. Just provide proof of central monitoring by showing a bill or contract to your insurance company. Smoke alarms are standard in most modern homes, but older homes may need to have them installed. This could save you at least 10% in annual premiums. Plus they could save your life some day! 2. Have a High Deductible
Utah homeowner's insurance is a lot like health or auto insurance in that the higher your deductible is, the lower your annual premiums will be. The only drawback in having a high deductible is that smaller household problems such as a broken window or leaky pipe, which typically cost a few hundred dollars, will be absorbed entirely by the homeowner. 3. Multiple Policy Discounts
If you have multiple policies with the same insurance company - such as health and auto insurance - you could be given a 10% discount on your policy premiums. Get some quotes for other types of policies from the same company that provides your homeowner's insurance. 4. Plan Your Construction Projects
If you plan on adding onto your home or building a structure near your home, plan ahead to make sure your insurance rates don't increase because of it. Structures made from wood will cost more to insure because they are highly flammable. Whereas cement or steel structures will cost less to insure because they can withstand fire and adverse weather conditions. Similarly, fun additions such as a swimming pool or trampolines can also add to your insurance rates because they are high-risk items and can add up to 10% to your premium costs. 5. Pay Off Your Mortgage
Homeowners that pay off their mortgage debts will most likely see their premiums drop. Insurance companies believe that if you own the home outright you'll take better care of it. 6. Compare Insurance Policies
Compare your insurance policy to other policies at least once a year. You should also review your own policy to check for any changes that might help reduce your premiums. For example, you disassembled the trampoline, paid off the mortgage, installed a burglar alarm or installed a sophisticated sprinkler system inside your home. If this is the case, simply notifying the insurance company of the change(s) and providing proofs in the form of pictures and/or receipts could significantly lower insurance premiums. Document everything you do to your home to avoid any problems or delays in receiving the insurance money for your home. Insurance companies will require a detailed inventory of all your possessions in case of a disaster, so it is a good idea to take photos or videotape the entire contents of your home and store them in a safe place (preferably somewhere outside your home. Utah homeowner's insurance is a necessity. There are ways to save money, but there are also some features that homeowners shouldn't skimp on. Make sure you know the difference.
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