May 08, 2017
In the fun and excitement of choosing which home on the market you want to purchase the last thing you probably want to think about is spending time researching boring insurance options. However, a little time spent at the start, just like interviewing lenders for your best mortgage choice can yield long term financial benefits, discovering your best insurance policy is also a wise investment of your time.
Already a homeowner with coverage? While we usually don’t think about our policies after we’ve bought them unless there’s a reason, tax season is as good a time as any to reconsider your policies. Changes that have occurred since you first bought your insurance may change your mind about what you need – or no longer need – to insure.
One quick and easy way for new insurance purchasers and current policy holders to save money is by bundling coverage’s for home, auto, life and even health under one carrier. Almost all insurance companies offer discounts for multiple policies. This can add up to significant savings.
Focusing on homeowners insurance, here are several other areas where you might find savings:
- How much should the deductible be? Higher deductibles usually mean lower premiums. Consider how much you could comfortably afford to pay out of pocket for minor damage that may occur. If you’ve had insurance for awhile, your financial situation may have changed enough that you can now afford a higher deductible.
- What types of coverages are included in your policy? Unless a lender requires these, do you really need flood and/or earthquake coverage? You will need to know if you are in a high risk area to determine if these types of coverages should be included in any policy you purchase.
- Did you know that your credit score affects the cost of your insurance? Higher credit scores can mean lower insurance premiums. If yours has increased since you first bought your policy, ask your carrier to take another look and see if you are eligible for lower premiums.
The cost of homeowners insurance coverage is priceless when you realize the peace of mind you’ll gain knowing your home is covered, and will continue to shelter you and your family even if a disaster should strike. Buying a home is certainly more than just choosing the house you want to live in. Your local marketing specialist can supply all the details necessary for making the many decisions you’ll face. Contact yours today to get started!