Save Money on Home Insurance
Compare Homeowners Insurance Quotes to Find Cheap Insurance Coverage
Dec 23, 2006
Save money on homeowners insurance by purchasing a policy with higher deductibles. Do you remember purchasing your first home? Every weekend, you set out to search for the perfect house. After what seemed like an endless pursuit, you finally found “the one”—and could actually picture yourself living in it.
Then the whirlwind of financing, contracts, and trying to compare insurance quotes and find the best prices on homeowners insurance blew in like a swift-moving summer storm. In the inevitable chaos of the closing, you probably didn’t have much time to contemplate the nature of your homeowner insurance coverage, or research to see if you were getting the cheapest rate. It’s certainly not too late now—even if you’re on your second or third home—to save money on your homeowner insurance coverage. The deductibles you carry and the manner in which you use your coverage has a major impact on getting a discounted homeowners insurance premium. If you can afford to raise your policy’s deductible, you may realize substantial savings.
Get The Best Prices on Homeowners Insurance Without Sacrificing Excellent Coverage.
Homeowners insurance is intended to protect you from major financial hardship in extraordinary situations, like a catastrophic house fire. It's not intended to cover smaller, maintenance-type losses. For instance, if an errant baseball breaks a window in your home, you may want to handle this expense out-of-pocket. When smaller property claims are filed often, you may lose your discounted homeowners insurance premium, because the coverage is being used more often.
When comparing insurance quotes, use a simple rule of thumb to determine your deductible- make it as high as you can afford, even up to $1,000 or more. In most states, deductible amounts up to $5,000 are available on insurance policies, and these are often attached to the cheapest rates. With a higher deductible, you realize immediate homeowners insurance premium savings and eliminate claims for smaller repairs that may contribute to premium increases. This is two-fold protection, and will keep your homeowners insurance premiums discounted now and in the long-term.
Weigh the risk of loss against premium savings on an individual basis to determine an appropriate deductible for your homeowners insurance.
Patricia Stadnick, CPCU is a Communications Officer at Amica Mutual Insurance Company. For more information on Amica insurance visit www.amica.com.
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