Home ownership, for most Americans, is the largest investment we can make. We are forced to carry homeowners’ insurance, but most of us overlook other ways to prepare for emergencies that are bound to happen at some point. Here are the top three below!
One of the best ways to protect your home is to install a home security system. Unlike the units installed years ago, today’s modern security systems offer a wide range of protection for as little as a dollar a day.
In addition to protection from theft and fire, most systems now include such features as carbon monoxide detection, home automation, climate control and video surveillance that can be monitored straight from your mobile phone.
The financial benefits of installing a new home security system can be quite substantial considering the money you can possibly save on your homeowner’s insurance policy. In addition, most companies will not charge an upfront fee for installation if you agree to a security monitoring service. Looking to purchase or upgrade your security system?
Not every household emergency is a major event although if you have ever been without heat during the winter months, it can feel like one. Our homes are filled with appliances and systems that are vulnerable to wear and tear just from everyday use. This is especially true if your home is older than 10 years.
Systems such as central heating and air can cost several hundred dollars to fix and thousands to replace. *The average cost to install a new central heating system can cost in upwards of over $9 thousand dollars.
Luckily, there are steps we can take to protect ourselves from these unexpected financial burdens. Purchasing a Home warranty is not only a smart decision, but it also gives you peace of mind knowing that you are covered in case of any malfunctions or breakdowns.
While some mortgage companies offer a product called Mortgage Life, the cost/benefit is simply not there. A more financially prudent solution is simply “Bumping Up” your regular Life Insurance Policy to cover the remaining balance of your home mortgage. Using this method instead of purchasing Mortgage Life is by far more cost-effective in the long run.
If you currently own a home and do not have a Life Insurance Policy, we suggest that you make this a priority. Especially if you have a family that depends on your income to make payments. Surprisingly you can get life insurance for low as $1 per day.