26 May, 2021
The cost of insurance varies depending on where you live and how old your house is, but the average annual premium for homeowners insurance is $1,200. That might seem like a significant outlay, but knowing you’ll be compensated if anything happens to your most important asset can be invaluable. Your mortgage insurer can also expect you to maintain a certain amount of homeowners insurance.
Although your mortgage lender may demand that you get home insurance (and may even suggest a preferred insurer), they can’t force you to use a particular insurer, so you can shop around. Make sure you get quotes from at least three different insurance companies. Online websites such as InsuranceQuotes.com and Insure.com make gathering quotes easy. Your employer, credit union, or other organization may be able to provide you with discounted rates. Until you start searching for ways to save money on your premiums, make sure you know what your new policy covers. Even though insurers have made an effort to make their contracts easier to understand, those lengthy renewal documents may be perplexing. Begin with the declarations tab, which is a description of your insurance policy.
For anything from paying your annual premium in full up front to holding your policy for more than three years, insurers offer a range of incentives to homeowners. New building owners get the biggest discount—more than 35 percent—but bundling your home and car plans with the same insurer will save you more than 19 percent, according to Insurance.com. You could be eligible for extra savings if you’ve recently renovated your roof or windows, mounted smoke detectors and fire extinguishers, or made energy-efficient improvements. Consider the expense of maintenance or other problems that would cause you to file a claim when determining your premium number. Avoiding minor claims will also help you avoid having to pay higher premiums.
Once you have a firm grasp on your current policy and are certain that you’re taking advantage of any available incentives, you can regularly consult with other insurers to ensure that you’re still receiving the best deal. Request a copy of the policy and read it thoroughly to ensure that you’re comparing apples to apples in your final decision. See if your current insurer will equal or beat a lower rate if you find one.
Make sure to give us a call or visit us for a quote on home insurance at (888) 751-7511 or https://www.lafamiliainsurance.com/product/homeowners-insurance!