When purchasing insurance for your home, one small mistake can cost you a ton of money. Buying the wrong homeowner’s insurance can, in the worst case scenario, cause you to lose your house. Be sure to use the following advice prior to picking a policy.

No mortgage? Lower insurance rates! Though this is tough to do, most insurers will reduce your rates if you have no mortgage on the home. They expect that you’ll be more motivated to take good care of your house if it’s all yours.

To ensure that your homeowner’s insurance claim is properly processed, ensure that you maintain an updated inventory list of all your home’s items. People that have had a tragedy in their home will let you know how difficult it becomes to recall everything that was lost. The best thing to do in this situation would be to take photographs of everything that is inside the house.

As your needs change, reevaluate your homeowner’s insurance policy. You should just look at the policy to determine whether you have coverage limits on high-value things like jewelry. If you find that you do have limits, make sure that you get additional coverage for those items to cover them.

It will be hard to get a claim for electronics, jewelry and other valuables approved if you do not have photographic evidence of them. This may appear to be too much work, however in the case of your property being lost or destroyed, they will make it much easier to make a claim for their replacement value.

Getting an alarm system that works well can save you a lot in insurance premiums. Your home will be less likely to be robbed. Insurance companies see your home as less of a risk when you have a home security system. They will lower your rates. Show proof of this, and you will end up saving a lot of money.

While you are preparing your claim, make sure you have a good idea of the average price of repairs from several contractors. Be sure to keep all documents and receipts in case of an emergency top prevent extra costs. Keep receipts of all money spent on any temporary lodging, since these might be totally reimbursable under your coverage.

If you’re about to turn 55, this is a great time to shop for a new homeowner’s policy, or at least ask your current insurance carrier for a policy review. Home owner’s insurance often offer senior citizen discounts. You should shop around if your insurer doesn’t offer this type of discount.

You are liable for any injuries on your property, even if a trespasser climbs your fence and falls. We have a strange situation here with regards to lawsuits sometimes, so remember you need the right insurance coverage. Never forget the importance of a powerful homeowner’s insurance policy!

It’s not a matter of trusting insurance companies; it’s just a matter of being well informed before making any sort of big decision. This is not just a car, but the place that you call home. Get the ideal home coverage by using this advice.