Most people freak out when they notice their home insurance costs are
higher than average. Home insurance can be expensive but you may not notice
because it's included in the mortgage payment. Still, home insurance premiums
can fluctuate by hundreds of dollars. If you play your cards right, you can be
on the low side of those premium costs; provided you know what factors lower them.
Your insurance provider Most people purchase their home
insurance policy from the company their mortgage lender recommends. They take
the first option and don't compare different policy prices – often in a hurry
to close the purchase. The problem? High premiums. Contact other insurance providers to get quotes for comparable
coverage. The secret? Your car insurance carrier may offer you the best option.
When an insurance provider already offers coverage on one type of insurance,
they often offer discounts of up to 20% on other insurance products.
The deductible When buying home insurance many
rarely listen to the insurance provider when s/he covers the information in the
policy regarding the deductible. Many homeowners assume there is only one
option. However, what providers don't tell you that by raising your deductible by
a couple of thousand dollars, you could save as much as 25% on your premiums.
Home improvements Most people don't realize that
improvements could reduce their insurance costs. If you recently made your home
disaster resistant by installing shutters, reinforcing the roof or buying and
installing stronger home-improvement materials, an insurance provider could
offer you substantial savings on your homeowner's policy… and help mitigate the
cost of the improvements you made.
Bottom line You'll also want to review other aspects
of your insurance policy that could save you money. For instance, you'll want
to review the policy to make sure you don't have more coverage than you need.
Many homes are valued for both the construction and the property. Remember you
only need the replacement value on the construction. To be on the safe side and
ensure you get the best savings possible, review every aspect of the policy
you're offered. Take a few days to read over each offer made. You'll make a
better policy decision if you take your time in reviewing the options.
Adam Vaught enjoys blogging about
ways people can save money. His articles mainly appear on personal finance
websites.
1 comments:
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