![]() Fixing loose decking, uneven stairs, or cracked pavement can prevent slips, trips, and falls. Keeping your home in good repair can also save money.To learn more, visit our guide to the Best Home Security Systems of 2023. More sophisticated security devices, such as those that contact police in the event of a disturbance, or installing a sprinkler system, may increase your savings. Adding smoke detectors, a basic home security system, and deadbolt locks can also result in a modest premium discount of 5% or so.Policyholders who stay with the same insurer for five to 10 years can see premium discounts of 5% to 10%, according to the III. Being a loyal customer can pay off as well.Such upgrades can include impact-resistant roofing materials and hurricane shutters. Upgrading your home to make it more weather-proof, including your roof and windows, can reduce the potential for storm damage and the resulting repairs.Increasing your deductible from $500 to $1,000 can lower your premium by as much as 25%, according to the III.Replacement costs can change quickly due to inflation and other factors, and even a 2-year-old appliance might cost considerably more to replace today than what you paid for it. This is the current price you would pay to replace an item, such as a washing machine, not what you paid originally. Factor in the replacement cost for your belongings.There are also apps you can download that will walk you through the process and remotely store your inventory. Film items in each room of your home, and remember to update your inventory periodically. The III says it’s a good idea to note when and where you purchased expensive items, because the better your documentation, the easier it will be to estimate replacement cost and file a claim. The more detail you provide in your inventory, the better.You can also find a lot of information about making an inventory and other homeowners insurance-related subjects on the Insurance Information Institute (III) website. And remember anything tucked out of sight, such as linens and silverware, as well as items stored in the attic or the garage. Include outdoor furniture and personal belongings, such as a barbecue grill, collectibles, musical instruments, and hobby or sporting equipment.A local insurance agent, real estate agent, or appraiser can probably help determine local building costs. For example, if your home is 2,200 square feet and local building costs average $80 per square foot, the cost to rebuild your home would be about $176,000. To get a rough idea of the cost for your home, multiply the square footage by the local costs per square foot in your area. Calculate the cost to rebuild your home, plus any outbuildings or structures such as a garage, pool, or fence.This can include fire, tornado, or other immediate or imminent hazards because of which local authorities bar you from your neighborhood. Living expenses coverage will help pay for expenses if you are displaced from your home as a result of a covered condition.If they are injured, it can also cover their medical expenses, including X-rays, ambulance rides, and hospital stays. If you are sued, your policy can help pay for your legal expenses and fees. Personal liability coverage can help protect you if someone is injured on your property.You may need to pay for higher premiums or purchase additional coverage for valuable belongings, like art and jewelry. Reimbursement for lost or damaged belongings can either be for the full replacement value or the actual cash value of the item after depreciation. Personal property coverage insures your personal belongings, including furniture, appliances, electronics, and clothing. ![]() Coverage extends to other detached structures on your property, like a garage, barn, or shed. Although damages from lightning, wind, and hail are typically covered, you will need to buy separate insurance for floods and earthquakes. Dwelling coverage applies to damage done to your home caused by fire smoke, theft, vandalism, or severe weather.
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