We’re more than just insurance. Here you’ll find tips and tricks for your insurance, and what we bring into our local communities.
Tips for Savings on Home Insurance
Whether you’re a first-time homeowner or you’re getting ready to downsize, there’s a lot to think about when you’re buying a new home.
MAXXAM WILL SAVE YOU MONEY
Whether you’re a first-time homeowner or you’re getting ready to downsize, there’s a lot to think about when you’re buying a new home — and once you’ve found your humble abode, the last thing you want to worry about is the cost of insuring it. Fear not! Maxxam Insurance has some money-saving tips to help you get the right coverage at the right price.
1. Newer is better.
If you’ve got the choice between an older home and a newly constructed one, keep in mind that many insurers give discounts on newer homes. It stands to reason — most new builds come with some sort of warranty and repairs aren’t generally an issue for the first few years of ownership. And to an insurer, that means fewer claims.
2. Skip the bank (if it works for you).
If you’ve worked hard to set aside a large down payment or have access to savings, consider opting for a less expensive home and go mortgage-free. This move could get you a discount from your insurance provider and help keep a little extra cash in your pocket.
3. Go for a higher deductible.
Choosing to pay a higher deductible in the event of a claim is a sure-fire way to reduce the premiums you pay. The higher the deductible you choose to pay, the lower your insurance rates will be. Just be sure you choose a deductible amount you’re comfortable paying if you need to make a claim down the road.
4. Keep claims to a minimum.
Of course, you want your home insurance policy to have you covered when you really need it, but keep in mind that many insurers give discounts to customers who are claims-free for a set period of time. It might pay to look at a low-value claim and assess if it’s really worth filing, or if it’s better to pay for minimal losses or damage yourself and keep your hard-won claims-free standing.
5. Embrace your age.
Insurance companies love mature homeowners — and what’s not to love? You’re generally more established financially, and past your “wild party” (read: damage-inducing) days. Look for a discount on your home insurance if you’re 45 and older.
6. Secure the perimeter.
Or at least install a company-monitored or self-monitored home security system to ward off break-ins. It helps to reduce your risk of damage and theft, and most insurance companies will reward your efforts with a discount.
7. Make your home more resistant to damage.
Some types of home improvements can help you save on insurance. Installing a sump pump or a backwater valve (or both!), for example, could reduce your chances of making a water damage claim — so it will generally reduce your home insurance premium, too.
8. Shop around with the help Maxxam Insurance.
Why pay more than you have to? A Maxxam Insurance Broker will listen to your needs and find coverage options at varying price points for you to choose from — and help point out other discounts and opportunities for savings that you might not be aware of.
Home Insurance
Count on our experienced brokers to deliver a comprehensive and competitive policy that is tailor-made for you
Author: Don McCormick
7 Top Benefits of Tenant Insurance
The home insurance policy held by the home owner typically only covers the property and building structure, in case of damage or destruction. Therefore, if there was a fire — the tenant would have no coverage for personal possessions if they do not hold tenant insurance.
Why Tenants Need It and Why Landlords Should Require It
When buying a home, it is typical that the lender requires the buyer to have home insurance – to protect their funds in case of an unfortunate event leading to damage or destruction of the home. However, when this home is deemed a rental property there is a common misconception that home insurance is enough. In fact, a high percentage of renters skip getting insurance all together! Here are some key points why Tenant Insurance is so valuable, to both the Tenant and the Home Owner:
To Protect the Tenant’s Possessions in Case of Accident (eg. Flood or Fire)
The home insurance policy held by the home owner typically only covers the property and building structure, in case of damage or destruction. Therefore, if there was a fire the tenant would have no coverage for his/her possessions if they do not hold tenant insurance. Content replacement cost is widely underestimated. Even if an individual has minimal possessions, the cost to replace everything kept in their home, from spices in the kitchen cupboard to clothing, to basic hygiene supplies adds up extremely quickly. Add in furniture, electronics and jewelry and this would accumulate to be a large loss for someone without insurance. In comparison to the cost of tenant insurance, it seems quite simple that it is not worth not having an insurance plan in place to cover a potential disaster.
To Protect the Tenant’s Possessions in Case of Theft
Unfortunately theft and burglaries do happen. When a home owner experiences a home burglary, their stolen possessions are typically covered by their home insurance policy. If you are a renter and someone breaks into your home, the insurance policy held by the home owner will not cover your stolen possessions. These possessions would only be covered if you held a tenant insurance policy that included this. In addition, this coverage could also protect the tenant’s belongings while they are away from home, for example in their vehicle or while travelling. When looking for a tenant insurance policy ensure you explore which cases of theft would be covered.
Renter’s Insurance, for the unexpected.
Liability Coverage
Tenant’s insurance provides coverage in case of an incident of unintentional bodily injury to others. This could include a situation in which a guest was injured during a visit to the home, such as a fall on a slippery step or even in the instance that a family pet (dog) was to bite. If such a situation was serious, the tenant could be responsible for costs including the cost of medical expenses and loss of wages due to injury. Most individuals do not have the financial means to compensate others that are injured, or the cost of defending a lawsuit without this liability coverage.
Accidental Damage to Property not Owned by You
In addition, accidents happen and have the potential to be very costly. If a tenant causes damage to the property of the landlord, whether it is as small as breaking a window or as large as an unattended candle causing a fire throughout an entire apartment building, the tenant is responsible to repair these damages. From a hundred dollar repair to millions of dollars in repairs, holding tenant insurance can cover unintentional damages.
Living Expenses during Repairs
If a home did incur such damages that it needed extensive repairs and was not fit to live in, the living expenses of the tenant while these repairs were being made would only be covered if the tenant had his/her own insurance policy. Could you imagine having to leave your home for a few weeks or a few months as it goes through repairs resulting from a flood or fire? Just a few weeks, let alone a few months would be extremely pricey to find immediate short term accommodation. A typical person would not be able to afford such expenses. A tenant insurance policy could provide the safety net of covering such expenses in this emergency situation.
Affordability
Another great benefit of tenant insurance is how affordable it is. Rates of course will depend on the coverage chosen within each individual policy, but regardless the low cost of these policies in comparison to the financial hardship that could arise from not having a policy in place is peanuts.
Happy Tenant = Happy Landlord
In all cases of unfortunate events in which tenant’s have their own insurance policies, you can see it can provide a lot of resources and comfort in these situations. Without holding an appropriate policy, chances are the tenant will incur a lot of undue hardship and financial strain. Therefore, tenant insurance can provide security, peace and comfort to the tenant. The landlord depends on the financial commitment and responsibility of the tenant. Therefore, as described above there are many benefits of having tenant insurance both for the tenant and the landlord. At the least, landlords should be encouraging all their tenants to acquire this type of insurance, to ensure security for all. A Happy Tenant = a Happy Landlord.
Don’t forget to contact Maxxam Insurance for all your Tenant Insurance needs!
Tenant Insurance
Protect yourself and your contents.
Whether you’re a first-time homeowner or you’re getting ready to downsize, there’s a lot to think about when you’re buying a new home.