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Homeowners Insurance

Homeowners insurance, is one of those things you can not avoid. Most mortgage companies require an insurance policy be taken out on the house within 24 hours of closing. Since you can not get out of it, the next best thing to do is save some money.

There are mistakes that some people make when buying a home owners insurance policy. If you try to avoid some of these things, you should be able to save a good amount of money.

First let us discuss the different types of coverage you can get:

Replacement Cost Insurance
A Replacement Cost Insurance policy pays the amount it costs to replace the house. This policy does not deduct any funds for depreciation, but it has a maximum dollar amount. So you should pay close attention to the cost of rebuilding your home, to make sure it does not exceed the maximum payout.

Guaranteed Replacement Cost Insurance
A Guaranteed Replacement Cost Insurance policy also pays the amount it costs to replace the house. This policy does not deduct any funds for depreciation, and has no maximum dollar amount. Keep in mind that this policy is sometimes limited to 120% of the cost of rebuilding the house.

With this policy, you have the piece of mind of knowing that you can have your house rebuilt, no matter the cost. Check to see if this coverage is available in your state.

Actual Cash Value Insurance
Actual Cash Value Insurance does not guarantee full payment of the cost to rebuild your home. Instead the insured receives what the insurance company determines as the worth of the property including subtractions for depreciation.

Unless a homeowners insurance policy says it covers the replacement value of the property, it covers the actual cash value. Here are a few ways to cut your homeowners insurance premiums:

Get Different Quotes
There are many insurance companies looking for new customers. It is best to let these companies know that they are competing for your business. A good way to get quotes is to use an online quote system. These programs submit your information to many different insurance companies, and they all compete for your business.

These online programs are generally free and require no commitment. There is a pretty good chance you can save money this way.

Get Higher Deductibles
With higher deductibles, your premiums will decline. Be careful doing this because you want to make sure you can afford a higher deductible if there is an emergency.

Combine all your Insurance Policies
If you get all your different kinds of insurance like, auto, life, and health with the same company, you can usually get a discount.

Do not insure your land
Most people make the mistake of including the cost of their land into their insurance coverage. You should learn the cost of rebuilding your house, and get enough insurance to cover that plus the loss of just your property.

Secure your home with early detection devices
Equipping your home with smoke detectors, an alarm system, fire extinguishers and other early detection and safety equipment, can approve you for discounted homeowners insurance rates. You should ask your insurance company what you can do to make your home qualify for these discounts.


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