Offset Your Mortgage Costs by Saving on Homeowners Insurance
With the fluctuating housing market, it is harder and harder for homeowners to keep up with their mortgages. The need to save some extra money is becoming more and more prevalent everyday. One way homeowners can save some extra money to help with the mortgage is to save on their homeowners insurance.
Save on Homeowners Insurance by Comparing Quotes
Homeowners insurance rates can vary by hundreds of dollars from company to company. The best way to find the coverage you need at the price you can afford is to comparison shop. Using InsWeb's online quote form can make comparing quotes quick and easy. Most insurance companies will offer consumers discounts for buying more than one product from them. A common example is insuring your home and your car with the same company. These policies, commonly called multi-line policies, could save you 15% on both premiums.
Homeowners should evaluate their homeowners insurance policy at least once a year to make sure they still have the proper amount of coverage. Keeping and maintaining a home inventory will help you determine how much homeowners insurance coverage you need. Keep in mind that your possessions will more than likely depreciate over time, allowing you to decrease your coverage limits.
Increase Your Deductible to Lower Your Premium
Increasing your deductible by just a few hundred dollars can make a significant difference to your premium. Most deductibles start at $250, therefore, if you raise your deductible from that to $1,000, you could save 25% on your homeowners premium.
Even though they seem ordinary, you may be able get a lower premium if your home has safety features such as dead-bolt locks, smoke detectors, an alarm system, storm shutters or fire retardant roofing material. Consumers often overlook these common features but they can lead to additional homeowners insurance savings.
Reduce Homeowners Insurance Rates
Non-smokers usually get reduced rates on their homeowners insurance policy. If you were a smoker when you bought your house, but have subsequently quit, many insurers may lower your rates. Smoking accounts for over 20,000 residential fires in the U.S. a year, so insurers often charge lower premiums to smoke-free households.
The mortgage crisis is affecting all the homeowners across the country. However, until there is an end in sight, make sure you realize all the savings you can on your homeowners insurance.
Provided by InsWeb.com