Home insurance to-do list: Things to check before getting your home covered. More...

Homeowners Insurance Checklist

Here are some must does to get a great deal on home insurance:

Take the highest deductible you can afford
The higher the deductible, the lower the premium. Since most people only file a claim every eight to ten years, you will save money over time and preserve your insurance for when it’s really needed.

Ask about available discounts for:

Multipolicy (home, car or other policies with the same company)
Smoke detectors
Fire extinguishers
Sprinkler systems
Burglar and fire alarms that alert an outside service
Deadbolt locks and fire-safe window grates
55 years old and retired
Long-time policyholder
Upgrades to plumbing, heating and electrical systems
Earthquake retrofitting to make the home safer
Wind-resistant shutters

Get enough insurance to:

Completely rebuild the house in the event it is destroyed by fire or other insured disaster.
Replace everything in the house.
Protect your liability in case someone is injured on your property and sues you.

Ask about additional coverage such as:

Replacement cost for possessions
Extended or guaranteed replacement cost for the structure
Building code upgrades
Sewer and drain back-ups
Inflation-guard
Umbrella coverage for a pool or other high-risk items
Special riders for jewelry, collectibles and expensive items

Flood, earthquake and windstorm risk

Damage caused by flooding and earthquakes is not covered by standard homeowners insurance policies. Instead, homeowners will need to pay an additional premium for coverage that is provided through the government’s National Flood Insurance Program (NFIP). To get flood insurance, your community must participate in the NFIP program. Policies for coastal properties will have a sizeable windstorm deductible, which means the homeowner may be responsible for thousands of dollars of damage before insurance kicks in. It pays to know what is in your policy. Earthquake insurance is offered by private insurance companies. In California, coverage is available through the California Earthquake Authority, a state program, as well as the private market. It can be expensive and comes with a high deductible.

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Homeowners Insurance Checklist