How To Reduce Potential Damages and Premiums
Home insurance is a type of insurance cover purchased to cover private homes. It covers losses occurring to the homeowner as well as liability that may result from accidents happening at the insured home. The insurer undertakes to insure the homeowner against losses resulting from events such as fire, theft, hurricanes, earthquakes and other causes as may be determined in the contract. In exchange for the cover, the insured pays premiums that are related to the sum insured as well as the level of risk among other factors.
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It is possible to reduce the potential damages and the amount paid as premium for the cover. As a principle, for every peril faced, there is a way you can improve your house to mitigate the risk hence reducing the premium payable. These include:
1. Fire. This is the main peril faced. To reduce possible damage, ensure you have a well functioning fire system in your home. Fire extinguishers and hydrants should be installed and maintained. For wild fires prevention, have a clear fire zone around your home.
2. Earthquake. These can be devastating and as such, your home should have a strong foundation. Of your area is prone to earthquakes, consider building a house without storey.
3. Lightning. This risk should mitigated by installation of a proper lightning arrestor in your home.
4. Hurricanes. This demands a very firm house. The doors and windows should be impact-resistant. The roof should be reinforced to be able to withstand song winds.
5. Power outage. You should regularly inspect the interior and exterior electrical wiring. You should have an alternative power source such as a generator.
6. Theft. This just requires your home to be fitted with an anti-theft system. You can also fix surveillance camera around your home.
There may be much more you can do to reduce potential damage to your home. The good thing is that for every improvement you make, you will be reducing the risk your home is exposed to and this translates to less premium charges for you.
