Have you ever met an insurance provider that wanted to pay homeowners insurance claim-seriously? Yes, of course they will if you’re covered and your home is broken into. That’s their job to pay the average homeowners insurance. But since paying insurance claims does very little to pump up their bottom line (other than attract new business from homeowners looking for a legitimate insurer) they’d like to keep the number of claims they have to pay out each year as low as possible. Homeowners with the security savvy to help them do that can usually expect to see a 15-20% reduction in their annual premium.
Think about it this way. How much are average homeowners insurance? In terms of dollars and cents, how much is everything in your home worth? How much would your homeowners insurance have to pay to replace the contents of your home (and repair the damage they caused getting in) after you’ve been visited by your friendly neighborhood larcenists?
Debt not-withstanding, most Americans are worth a lot more than they think they are. Televisions, computers, jewelry, appliances, videos, CDs, antiques and collectibles sell for a pretty penny on the black market every day of the week. The average, middle class American has a minimum of three thousand dollars’ worth of “stuff” just lying around their house. That $3,000 is plenty of inspiration for the average thief to try their hand at breaking and entering.
Securities to get better Average homeowners insurance
Since most homeowners insurance companies aren’t lining up average homeowners insurance coverage to give their clients more money than they pay annually in premiums they want to try to stop this from happening. Pumping up the security system on your home doesn’t just help protect you from the hazards of burglars, vandals and various other things that go bump in the night. It also helps save you money on your homeowners insurance-a lot of money. How much is average homeowners insurance can save at least 15-20% on their average homeowners insurance deductible. Installing various security features in their home to deter would-be thieves, including:
- Window locks
- Burglar alarms
- Electronic home protection systems (especially the really cool ones that link your home directly to your local police and fire departments)
Some of these features, like deadbolts, can be purchased at your local hardware store for $50 or less. Others are going to come with a slightly higher price tag. But think about it. How much is your peace of mind worth? Take that number and add it to the 15-20% that you’re going to save on your how much is average homeowners insurance by pumping up your home’s security system (and the satisfaction you’re going to feel when you’re gloating about your security savvy to all of your friends) and you’ll probably find that the price tag isn’t so outrageous after all.
While purchasing average homeowners insurance deductible the first issue of extreme concern is the amount of coverage you want. A recent survey conducted by the Insurance Information Institute revealed that two-thirds of all homes in America were underinsured by an average of 27%. Thus it is important to opt for a right amount of coverage.
Some facts about average homeowners insurance coverage
If you are finding it difficult to calculate the average homeowners insurance you want, there are several ways to do it. For instance if you want coverage for reconstruction of your house then multiply the square foot of your home by the local building cost per square foot. To know the cost of rebuilding your house, also known as dwelling coverage, you can take the help of any local insurance or real estate agent.
Some statistics regarding the insurance
For instance in Nevada an average of 1268 square foot home that was built in 1997 has a current dwelling coverage of $81000. However if the homeowners feel that they are underinsured by 27% and increased their coverage to $110,000, the monthly payment will increase by $7.50 per month.
Since most often the homeowners insurance also compensates for personal liability, you should also keep in mind how much coverage you require for certain legal expenses, medical expenditure or injury to any member of the house.
Though a standard homeowners policy comes with liability coverage of worth $100,000, insurance professionals usually advise to get of coverage of around $300,000 to $500,000 as liability coverage. To have this extra amount added to your standard homeowners policy, purchasing an endorsement is a wise idea.
You can also go for personal umbrella coverage in case the worth of your assets is more than $300,000 to $500,000. The umbrella cover is extremely useful once you are through with your homeowners or automobiles coverage. For instance if your colleague is injured at your house and revengefully sues you for $500,000, your homeowners insurance will cover for $300,000 and get exhausted but the amount left will be easily covered by the umbrella coverage.