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The Importance of Home Insurance Policies

While we go along living in our homes – tidying up, shoveling snow – we don’t often think about losing them to scenarios like a flood or fire. It’s only when something hits close to home that we start thinking, what if this happened to me?

While we can’t protect ourselves from all losses, home insurance can help replace personal property as well as the building itself. Before you buy an insurance policy, be sure to shop around and compare costs as well as the policies’ terms. Ask friends and family members for recommendations, read online reviews to get a better idea on how the company operates. But don’t buy based on price alone. Each company offers a different package. Try and choose the one that best suits your needs.

The amount you pay for the insurance is called the premium. The premium cost is based on several factors, including:

  • What type of risks you choose to insure against.
  • How much insurance you purchase.
  • Where your home is located.
  • How old your building is.
  • The value of your home.

Here are a few insurance tips we have put together to help you finalize your choice: 

  • Inquire about discounts to lower your premium costs. Some companies give rebates to people belonging to certain age groups. Others give discounts if you agree to install safety devices such as smoke detectors.
  • Increase your deductible. The deductible you choose also affects the premium cost. Deductibles are the amount of money you have to pay toward a loss before your insurance company starts to pay a claim. The higher the deductible, the more money you can save on your premiums. Usually, it’s advisable to take the highest deductible you can afford.
  • Install a monitored security system. Adding protective devices, including deadbolts, additional smoke detectors and fire extinguishers to your home reduces the threat of burglary and fire and can save you up to 15% on your premium. Need help picking a security or alarm system? Visit the consumer affairs help guide.
  • Maintain your home. Have the HVAC system serviced regularly, check for loose roof shingles. Good maintenance will reduce the risk of damage and injury.
  • Create a thorough inventory. Another important aspect of protecting your home and belongings is to have a record of what you own. Your household inventory can be done on paper, with an app or through photos and videos. Store your household inventory away from your home so that it’s not lost if a disaster strikes it. A good place to keep your valuable papers is in a safety deposit box.

To speak with a licensed McDougall Insurance professional about our various options for home insurance coverage, please call us at 1-800-361-0941.

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