A Beginners Guide To Save On Homeowners Insurance For Your HOA

Insurance is vital for the protection of your property whether you own a home or rent one within a homeowners association.  It’s advisable to compare prices so you get rates that help you save money and check the homeowner association website to see what others suggest.  Aside from that, here are a few more tips to help you save on homeowner’s insurance.

 

Security systems, carbon dioxide detectors, and fire resistant roofing are some of the safety features that can help reduce your rates.  You may also be able to reduce your insurance costs by becoming a long-term client or by bundling other policies such as car insurance with the same provider.  If you’re more than 55 years old, a majority of insurers have been known to give senior discounts.

 

In most cases, the land underneath the house stays intact after events so including the land in the policy only serves to increase the costs.  Ask your provider to call your HOA’s provider to ensure the policy you are choosing is not already covered by your homeowners association.

The insurer might request for a copy of the HOA governing documents to fully understand your responsibility versus the responsibility of the association.  It’s worth mentioning that not all that is insured will be completely replaced.  Opting for a policy to insure only the items with an actual cash value will help you save money by not paying for items that would not be reimbursed.

 

Ultimately, it’s important that you understand a typical homeowners insurance policy doesn’t cover natural disasters such as earthquakes.  The cost of a separate policy for natural disasters depends on the possibility of natural disasters around your neighborhood.  Make a difference in your community and guide others to save on their homeowners insurance by sharing these tips on the homeowner association website.