| House Refinance Center |
| Homeowners Insurance: How To Save Money |
 | |  | |  | |  | |  | |  | |  | |  | |  | |  |
Get The Insurance
Coverage You
Need: No More No
Less
Coverage You
Need: No More No
Less
You will never know if you are paying too much
for homeowners insurance, or if you are paying
for unnecessary coverage. The insurance
agent, who is working on commission, will never
volunteer this information. You have to do your
homework and protect yourself.
Here are some tips to save you money.
Shop around.
Get 2 or 3 quotes each year. You can go online
and complete an application. The information
you get back is ammunition. Contact your
current agent and go over what you have
discovered.
High deductible.
The higher your deductible the lower your
premium.
Discounts.
If you are over 55 years old ask your agent if
there is a seniors discount. Remember you have
to ask for discounts. Safety features in your
house should score points for discounts. These
features include dead bolt locks, smoke
detectors, fire retardant roofing materials, smoke
alarms , burglar alarm system and extra lights
around the perimeter of the house.
Replacement value.
Your house should be insured for the
replacement value. This gives you the money to
rebuild your house and to replace the contents.
You will have to pay a little extra for items like
computers, cameras and jewelry. Be sure to
make an inventory including pictures. Do not
include the cost of the land. If your house is
totally destroyed, 100% gone, the land is still
there. So you should not have to pay for the
land.
Make sure the company you select has a
maximum cap of about 125% of the value of the
house. In other words if the house is totally
destroyed the insurance company will pay a
maximum of $125,000, based on a value of
$100,000.
Direct house insurers.
Companies like State Farm and USAA deal
direct with the homeowner. You can same
money because the companies will pass on the
savings to the homeowner because they do
have to pay agents commissions.
Claims processing.
No discount in the world can make up for slow
claims service. Check the internet for reports on
the companies you are thinking of dealing with.
Financials.
Many insurance companies were hit with large
claims from hurricane Katrina. You should check
to see how financially sound your insurer is. An
A rating or higher from Standard & Poor's or an
AA ranking or better from Moody's Investor
Service is a good indicator of strength. Weiss
Ratings, the most independent of the ratings
services publishes a list of the currently weakest
homeowners insurers.
for homeowners insurance, or if you are paying
for unnecessary coverage. The insurance
agent, who is working on commission, will never
volunteer this information. You have to do your
homework and protect yourself.
Here are some tips to save you money.
Shop around.
Get 2 or 3 quotes each year. You can go online
and complete an application. The information
you get back is ammunition. Contact your
current agent and go over what you have
discovered.
High deductible.
The higher your deductible the lower your
premium.
Discounts.
If you are over 55 years old ask your agent if
there is a seniors discount. Remember you have
to ask for discounts. Safety features in your
house should score points for discounts. These
features include dead bolt locks, smoke
detectors, fire retardant roofing materials, smoke
alarms , burglar alarm system and extra lights
around the perimeter of the house.
Replacement value.
Your house should be insured for the
replacement value. This gives you the money to
rebuild your house and to replace the contents.
You will have to pay a little extra for items like
computers, cameras and jewelry. Be sure to
make an inventory including pictures. Do not
include the cost of the land. If your house is
totally destroyed, 100% gone, the land is still
there. So you should not have to pay for the
land.
Make sure the company you select has a
maximum cap of about 125% of the value of the
house. In other words if the house is totally
destroyed the insurance company will pay a
maximum of $125,000, based on a value of
$100,000.
Direct house insurers.
Companies like State Farm and USAA deal
direct with the homeowner. You can same
money because the companies will pass on the
savings to the homeowner because they do
have to pay agents commissions.
Claims processing.
No discount in the world can make up for slow
claims service. Check the internet for reports on
the companies you are thinking of dealing with.
Financials.
Many insurance companies were hit with large
claims from hurricane Katrina. You should check
to see how financially sound your insurer is. An
A rating or higher from Standard & Poor's or an
AA ranking or better from Moody's Investor
Service is a good indicator of strength. Weiss
Ratings, the most independent of the ratings
services publishes a list of the currently weakest
homeowners insurers.
calculators zero down mortgage second mortgage mortgage interest deduction mortgage servicing first time buyer financial reform fannie and freddie
FHA mortgage approval nonprofit brokers servicemembers stated income refinance calculator downpayment closing fees bank owned (REO)
Home Credit Foreclosure Refinance Hard money Interest only mortgage Loan modification Shortsale Reverse mortgage Strategic default
title insurance buying a home refinance with ARM appraisal inspection community banks good faith estimate FHA streamline 203k breaking news