Saturday, November 2, 2013
Home Insurance Money Saving Tips
One of the major expenses of a home is homeowners insurance. If you have a mortgage on your home, you are probably required to carry coverage. Even if you own your home without any mortgage, you will be prudent to protect your investment. Home insurance will cover your actual home, plus your property inside, in case of an accident, theft or fire. It will also give you liability protection in case somebody is injured on your property.Different Types of Home InsuranceIf you are a landlord, and do not live in the home, you will still want to cover your structure and protect yourself in case of a liability accusation. On the other hand, if you rent your home, you will not need to protect the structure, but will want to cover your property like tv sets and computers. For each of these types of situations, different home insurance types exist.If you pay your homeowners insurance along with your mortgage, you may not even be aware of how much you are paying for this valuable protection, so be sure and look for a statement. You may have had rate increases in recent years, and not even realize how much of your monthly bill was due to insurance coverage! You can take some concrete steps to control this cost, and then have the pleasant experience of a cheaper bill next month.Pare that Homeowners Insurance Bill Consider your deductible. A deductible is the amount you need to pay before the insurance kicks in. If you have a $250 deductible, but could afford to pay $500 in case of an accident, then you may save more than ten percent. If you can afford to pay a $1000 deductible, you could save over 20%! If your homeowners insurance bill is $150 a month, then that discount would repay the higher deductible in just a few months!Also be sure to compare insurance policies every year! Factors like where you live, how much your home is valued at, and even your credit report can affect your premium rates! With on line quoting services, it is easier than ever to make sure you are getting the best price from a highly rated home insurer. If you had some credit issues or made a damage claim a few years ago, you do not need to accept the higher rates forever.Take Advantage of DiscountsAlso consider a homeowners and car insurance discount package. Many top insurers want all of your business, and they will offer you their best price for insuring your car and home in the same place! Senior citizens, members of professional associations, and those who take measures to protect their homes may also qualify for special discounts. That's why it is really important to compare all of the home insurance deals in your area!Also, if you live in a high risk area, particularly one that has been impacted by coastal storms or other hazards, and used the state high risk pool, do not assume you always have to use that pool. Find a qualified local insurance agent, and see if a private insurer will pick up your policy at a lower rate.