Property insurance rates are always changing for home owners and tenants alike. Wether you’re a first time home buyer, owned your home for years or rent a condo/apartment it maybe tough to know what affects your premium and how to determine wether or not covered properly.
Brokers are a key resource for explaining your policy and assisting you decide on the rights coverages. These are some tips that can help you with property rates.
Property self assessment- Ensure your policy covers all risk on your property this includes pools and outbuilding. Make sure they are listed and covered on your policy also the opposite applies, update your policy if a building or pools has been removed. Contents value as well on both home owners and tenants policy will affect your rate so make sure check that those values accurately reflect what you own.
Determine Risk- Standard policies cover a wide variety of items in your home. If there is certain personal items covered on your home insurance policy that you wish to bear the financial risk of you may want to consider basic or named perils. This will lower your coverage as well your rate.
Property Value: Homes are insured to their current market values to properly cover home owners but double check what your home is assed at and determine weather it is covered to value. Lower value homes come with a premium.