When you purchase a new home, the last thought on your mind is what you’ll do should it be destroyed in a fire or natural disaster. Unfortunately homes are damaged each and every day and the homeowners are left to pick up the pieces and try to move forward. Having adequate homeowner’s insurance in place makes this a much easier process.
In Kentucky homeowner’s insurance is not required by state law. Many lenders in the state do require that you have a policy in place before they will find your mortgage. Some residents have taken the attitude that canceling their policy after receiving their mortgage is a good idea. It’s not. Should the home be permanently destroyed the lender will want to recoup their loss and without insurance, the homeowner becomes personally, financially responsible.
Cost is often a deciding factor in whether to obtain and maintain homeowner’s insurance. There are ways to get affordable insurance in Kentucky. Discounts are a great way to lower premium costs and just about everyone can qualify for at least one of the available discounts.
For instance, installing a home security system is something many people do. They do it to ensure their belongings, and their family is safe. Doing this can have another benefit and that’s reduced insurance costs. Another safety related insurance discount is the presence of deadbolt locks. Thieves are much less likely to break into a residence that has these. Considering that they are relatively inexpensive to install and result in premium savings, it’s a wonder more people don’t take advantage of them. The same can be said for smoke alarms. They have been proven to save lives and also offer a discount on premiums.
Homeowners should take the time to learn about all available discounts and then try and qualify for as many as possible. This results in extensive insurance coverage at a great price.