Are You Paying too Much for San Rafael Home Owners Insurance?

Posted on: November 4, 2014 | By: Michael T. | insurance, insurance home, San Rafael home owners insurance

Are You Paying too Much for San Rafael Home Owners Insurance?

insuranceOtherwise known as hazard coverage, homeowners insurance allows property investors to recover their losses in the event of extensive damage. Before a mortgage settlement can be finalized, homeowners must have a policy that insures their home against unforeseen events. Annual insurance costs are influenced by many factors, and San Rafael residents must also protect themselves from earthquakes and floods with separate policies.

The location of the property will greatly affect the cost of homeowners insurance, but there are ways to reduce your premium. In order to qualify for insurance discounts, the property must be structurally able to withstand what nature throws at it. For advice on how to reinforce your building to meet these standards, contact Allied Restoration Company on 415-529-5637. Unfortunately, living in a high-risk area such as San Rafael is bound to increase insurance costs, so how do you know if you are paying too much?

Calculate an Average Estimate

According to Forbes, underinsuring property is one of the biggest mistakes homeowners make. Insurance costs range from $300 to over $1,000, but you can calculate an average estimate using this simple formula: divide the value of the property by 1,000, and then multiply that figure by $3, 50.

Insurance Coverage

There are different types of homeowners insurance and the costs vary according to what is covered. Most standard policies protect against vandalism, wind and fire. Property investors in San Rafael are advised to read the fine print to know what your premium covers, or you will be paying too much for what you actually get.

Consider the Geographic Location

Due to the fact that San Rafael is situated near California’s major fault line, insurance costs are higher and earthquake insurance must be purchased separately. Know that your standard homeowner’s insurance policy will not cover you in the event of natural disaster, including flooding.

Ask for Advice

There are a variety of ways to reduce annual insurance costs. Shopping around for the most comprehensive coverage is advised by The California Department of Insurance. In addition to this, a sturdy roof, reliable security system, functioning deadlocks and smoke detectors will decrease premiums by as much as five percent. Home renovations are looked upon favorably by insurance companies, because they help protect the property from severe damage.

There is no need to pay more than necessary for homeowners insurance, especially as these policies are extremely expensive. Insurance costs in San Rafael are calculated according to risk, making it essential that your property is valued correctly. Allied Restoration Company is available to offer assistance to those looking to reduce their insurance premiums. Contact us on 415-529-5637.