The requirement for homeowners and motor vehicle owners to insure their assets and property is almost universal. This being the case does not mean that someone has to foot huge insurance premium bills just to be on the safe side. Cutting costs on premiums is dependent on having the right sort of information. There is as well a number of pitfalls that owners should guard against to ensure that if and when they make a claim, they get just recompense.
Cost savings can be achieved by opting for a number of consolidated policy options. This is usually much cheaper than having multiple policies for different assets that one needs covered. Insurers are usually open for deals that combine coverage of such risky items as cars with more safe properties such as homes. It is easy to establish how this sort of arrangement is of benefit to both parties.
Homeowners will also manage to convince insurers to lower premiums significantly if they ensure that their homes are as disaster resistant as possible. This can easily be achieved by reinforcing the roof or by erecting storm shutters. Making the home secure from various risks is equally as convincing and therefore it would be wise to put in place such precautionary measures as dead-bolt locks, smoke detectors as well as burglar alarm systems.
It is unfortunate that many clients sometimes lodge in claims that insuring companies have no option but to either reject or pay a much lower figure than the real worth of the properties concerned. This usually happens when the owner fails to take note of a number of potential pitfalls. These are usually under-insurance or failure to disclose some material fact.
Under-insuring of property is very common and happens when the value of the asset as stated in the agreement is much lower than its real value. Many homeowners do this with a desire to save on the recurrent premium charges. It can also happen if the policy document did not include a clause that prompts the provider to update the amount insured with changing market values for the assets in question.
If the owner knowingly fails to disclose some material facts when insuring their property, problems may crop up when lodging a claim. To determine the amount that will eventually be paid and what will be charged in terms of monthly installments, companies assume that all the information is as detailed by the owner. If it comes to light much later that this was not the case, the insuring company has the right to reject the claim in part or as whole.
It is not possible to overemphasize the need to procure insurance for valued property. By sticking to the tips outlined above, it is easy for insurers to get a good deal without paying an arm and a leg for it. Also important is attention to the common snags that can result in claims being rejected or paid poorly.
Cost savings can be achieved by opting for a number of consolidated policy options. This is usually much cheaper than having multiple policies for different assets that one needs covered. Insurers are usually open for deals that combine coverage of such risky items as cars with more safe properties such as homes. It is easy to establish how this sort of arrangement is of benefit to both parties.
Homeowners will also manage to convince insurers to lower premiums significantly if they ensure that their homes are as disaster resistant as possible. This can easily be achieved by reinforcing the roof or by erecting storm shutters. Making the home secure from various risks is equally as convincing and therefore it would be wise to put in place such precautionary measures as dead-bolt locks, smoke detectors as well as burglar alarm systems.
It is unfortunate that many clients sometimes lodge in claims that insuring companies have no option but to either reject or pay a much lower figure than the real worth of the properties concerned. This usually happens when the owner fails to take note of a number of potential pitfalls. These are usually under-insurance or failure to disclose some material fact.
Under-insuring of property is very common and happens when the value of the asset as stated in the agreement is much lower than its real value. Many homeowners do this with a desire to save on the recurrent premium charges. It can also happen if the policy document did not include a clause that prompts the provider to update the amount insured with changing market values for the assets in question.
If the owner knowingly fails to disclose some material facts when insuring their property, problems may crop up when lodging a claim. To determine the amount that will eventually be paid and what will be charged in terms of monthly installments, companies assume that all the information is as detailed by the owner. If it comes to light much later that this was not the case, the insuring company has the right to reject the claim in part or as whole.
It is not possible to overemphasize the need to procure insurance for valued property. By sticking to the tips outlined above, it is easy for insurers to get a good deal without paying an arm and a leg for it. Also important is attention to the common snags that can result in claims being rejected or paid poorly.