Home ownership: it’s an American dream. But buying a place of your own or settling the family in new digs requires financial commitment. That means saving for a down payment, getting the right loan and—perhaps most importantly—finding affordable home insurance.
Whether buying a first home or a fifth, all homeowners need insurance to protect against the unexpected. That’s where we come in.
With some basic how-tos, money-saving insurance strategies and affordable quotes, protecting your home affordably is as easy as 1-2-3!
Learning Insurance Basics
When buying a new home, lenders require insurance information up-front. To make things quick and easy, try contacting insurance providers online. Let them know what you’re looking for, examine several price quotes, and choose the insurance plan that fits your budget best.
Once a policy is in place, supply the lender your insurer’s name and contact information, coverage levels and deductibles. They’ll add this information to the new home contract and escrow insurance as part of your monthly expenses.
If insuring an existing home, don’t just stick with the same insurance company year after year. Though commendable, loyalty may keep you from getting the best deal. Think instead about current rates, make home improvements and discuss discounts with home insurance providers. Then settle on the broadest coverage for the least money.
Maximizing Home Insurance Savings
Use these money-saving tips to save 60 percent or more on the right protection at the right cost—no matter which insurer you choose.
- Set deductibles as high as possible. Doing so could slash as much as 25 percent from insurance rates.
- Buy insurance for car and home from the same provider. This could garner an additional savings of up to 15 percent on insurance rates.
- Install security or safety devices. This extra protection makes homes more secure and can score another 20 percent in savings.
- Eliminate unnecessary coverage. Save a bundle by getting rid of extra, unneeded coverage on items no longer owned or greatly depreciated.
- Make home improvements. Update electrical or plumbing systems, or add items like deadbolt locks for a sizeable discount.
Home insurance rates can vary by thousands from one insurer to the next. So learn insurance basics, take steps to shave costs from your policy, and shop for low insurance quotes. Then insure that home affordably today—and rest safely and securely for years to come.