Homeowners Insurance: 7 Tips for Texans
Save on homeowners insurance
Here are seven ways to cut the cost of your home insurance.
1. Shop around - and do it
Check with several different home insurance compainies to get rate quotes.
(An independent insurance agent can provide rate quotes from a variety of
companies.) And definitely do it well before you policy expires, just in
case you run into any snags along the way.
2. Raise your deductible
The deductible is the amount of money you have to pay toward a loss before
your insurance kicks in. Home insurance deductibles may start around $250.
However, if you increase your deductible to:
$500, you'll save up to 12% on your premiums
$1,000? Save up to 24%
$2,500? Save up to 30%
$5,000? Save up to 37%
3. Buy you home and auto policies from the same
Many companies will give what's called a "multi-line" discount if you buy
both home insurance and auto coverage from them.
4. Don't skimp when buying a
If you're looking at buying a home, think about the cost of insuring the
home. A newer home's electrical, heating, and plumbing systems and overall
structure are likely to be in better condition than those of an older home -
and can lead to a discount on your premiums.
5. Insure your home, not the
While your home and its contents are at risk from fire, theft, windstorms,
and other perils, the land your home sits on is not. Don't include the
value of the land in deciding how much home insurance you need to buy.
6. Improve security and safety
Items such as dead-bolt locks, burglar alarms, and smoke detectors can
usually bring discounts of 5% each. Your insurance company may also offer a
significant discount of 15% or sometimes even 20% if you install a
sophisticated home security system.
7. Check your policy annually
You policy should reflect the value of your home and belongings. If you
review you policy every year, you can easily make the necessary adjustment.
If, for example, you just sold a valuable painting, you won't need to same
amount of personal property coverage. But if you've added a garage or other
addition, you'll need to increase your dwelling coverage.
This free report is provided to you by Lynnette Wallace, Your Hat Lady in
Real Estate and Help U Buy Realty. For more information, please call
817-454-3641 or e-mail HatLady@HatLadyRealEstate.com.