As we approach the New Year, now is a good time to boost your financial safety net and avoid future homeowners insurance Tampa FL claims. Whether you’ve been a homeowner for 30 days or 30 years, there are a few smart decisions you can make to save money now to get more out of your investment later. The agents at HH Insurance have made a list of four essential homeowners insurance Tampa FL New Year’s resolutions you can make you be prepared for or even avoid common claims in the year 2021.
Create A Home Inventory
Damaged property after a fire or natural disaster can be devastating, and filing the insurance claim can be very overwhelming if you have not already done an inventory of your home. But a home inventory that you’ve kept up-to-date can help you justify the items that you’re claiming. The inventory can be neatly handwritten, on an Excel spreadsheet, on a form downloaded from the internet, in a video of your belongings, in information added to an app, or in some other form of record. What’s important is that every item is accounted for, with as much detail as possible.
Read Your Insurance Policies
Most insureds don’t read every word of their policy or its endorsements, which are a key part of any insurance policy. The key to making a claim is understanding your policy. Be sure to look for the policy’s declarations page and make sure you understand the limits and deductibles of each policy.
Start An Emergency Fund
Unfortunately, homeownership has a funny way of costing more than you think. An emergency savings fund provides a financial safety net, and your home and property is the perfect reason to start one. Laid off unexpectedly or surprised by major HVAC repairs? Mortgage payments are still expected on time and in full. Without an emergency fund, these expenses could force you into credit card debt or worse. With that being said, it’s okay to start small. Set aside a portion of every paycheck with the goal of saving $500 as quickly as possible, and then contribute as much as you can moving forward.
Make A Plan To Build Equity
Unless you bought your home with cash, it will be many years until you own it outright. Make plans now to build equity faster so you can unlock more benefits of homeownership even sooner. You can build equity slowly just by making your monthly mortgage payments, or you can find ways to speed up the process. For example, take on smart home improvements or switch to biweekly payments to get “equity rich” even faster.
HH Insurance
Contact us today to learn more about homeowners insurance Tampa FL through HH Insurance. We hope you have a safe and happy New Year!
**This blog provides a brief overview of the terms and phrases used within the insurance industry. These definitions are not applicable in all states or for all insurance and financial products. This is not an insurance contract. Other terms, conditions and exclusions apply. Please read your official policy for full details about coverage. These definitions do not alter or modify the terms of any insurance contract.