• Home

Subscribe

Getting the Best Rates Homeowners Insurance

How long have you been with your current homeowner insurance company? Do you continue to pay the premium year after year even with increases just because you feel you have to have the coverage? You do not have to continue paying higher premiums just because your insurance company wants to keep on making obscene profits at your expense. Take a look at the many insurance brokers that offer coverage from several different insurers instead of buying from single company.

There are a number of sites on the internet where you can enter the pertinent information about you home and get online quotes for homeowner insurance within seconds. Keep in mind that you do not need to insure your house for a vast amount over and above its appraised amount unless you have specific valuable property on site. If you have valuable property that could be damaged or destroyed in a fire then you will need to talk to your broker and get a specific rider that names the property and assigns a value to it in addition to the normal homeowner insurance policy you are buying.

If you are considering a property with a swimming pool or trampoline built in keep in mind that your premiums will be considerably higher due to the higher risk factor that both the pool and trampoline create. There are too many injuries that can occur especially once you get teen age boys involved on a trampoline. Another way to keep your premiums under control is to update your electrical system if your home is more than thirty years old. Also, consider converting your oil heat to either electric or natural gas as soon as possible. The storage container for the fuel oil is a significant risk factor as well for liability purposes.

Most people understand that you can reduce your premiums by increasing your deductible but most people do not know how much they can actually save. By just increasing your deductible to $500 you will save twelve percent. Taking the deductible up to $1000 will give you a twenty four percent savings off your premium. An increase to a $2500 deductible will save you thirty percent and a $5000 deductible will save you thirty seven percent.

Making several claims on your homeowner insurance if you have a low deductible will drive your premiums out of sight in no time. Your best financial choice would be to keep your premium as low as possible and keep a higher deductible. If you have a property where the building is not worth that much money you could consider a liability only homeowner policy and forego the actual property insurance. Another aspect to consider in keeping your premium down would be to quit smoking as the risk of fire more than doubles with a smoker in the house. It quadruples if there are two smokers in the house. Your best bet is to use a broker that has access to several companies especially if you have credit issues. A broker can find a company that does not use credit history to write your policy.

Copyright © 2008 www.modernwill.com |

· Log in