Your home is your castle, but when natural disaster or crime strikes, it can leave a serious economic impact. With costs ranging from what Forbes note is the average cost of $2,000 per burglary, through to a complete write off in certain weather conditions, events that hit the home inevitably hit the pocket just as hard. As a result, it’s important to give equal time to insurance, home maintenance and security when looking to completely protect the home.
Checking your warranty
The majority of homeowners will have insurance, whether out of common sense or because the terms of their mortgage dictate it. What many people don’t have is the right insurance. It’s important to recheck your terms and negotiate yearly if possible – as the market and the world around you changes, so do your insurance needs.
This is clearly shown in Florida, where NBC Miami estimate that there are thousands of under-insured homes. Elsewhere, increased flooding levels mean that many policies will be outdated and rendered useless if the worst case happens. Shop around, look for the best policy to protect your home fully, and review your arrangement at regular intervals.
Keeping on top of maintenance
While insurance is important, the Insurance Information Institute rightly point out that there are discrepancies in the type and amount of excess offered in standard home warranties. Many maintenance jobs do not fall under this, and making claims can leave you more out of pocket than simply taking care of the problem yourself.
Maintenance is therefore crucial to the running of a good home – make sure that you’re taking care of problems as they arise, and making regular checks on elements of the home such as foundations and walls.
The security factor
With foundations and insurance in the background, it falls to the homeowner to make sure the house is well protected from security threats. While figures reported by Pew show that home invasions and similar crimes have reduced drastically over the past decade, it remains that homes are at risk from opportunistic criminals.
Use home security, such as smart cameras and doorbells. Take out inclusive cover against crime, and take a proactive approach to protecting your home.
With these three factors covered, you’ll have a great all-in protection against financial loss as it pertains to the home. Taken on a day-to-day basis over the course of the year, these measures do not need to be onerous. That extra few minutes every day spent assessing your situation can save you thousands of dollars – and lots of time, too – in the long run.