A couple of weeks ago, I shared my story of how I learned about the value of property insurance in an attempt to save myself money when buying property.
Now, I want to share with you how I saved money on my home insurance for years.
It’s easy to get caught up in the idea of getting insurance coverage that’s right for you and your home, but I’ve found it’s important to keep in mind that this is not a checklist of all of the things you should and should not consider.
Before you go ahead and buy insurance, it’s best to take a moment to think about your situation, your financial situation, and your goals.
Here are a few questions you should ask yourself before you make any decisions.
Are you able to pay my premium?
If you live in a place that has high rates of insurance coverage, you may want to consider asking your insurance provider to provide a lower-priced premium.
If you’re in a situation where your premium is high and you need to pay your premium, you’ll likely find yourself in a similar situation.
If your premium was under $100 a month or you have a small down payment, this may be an option for you.
If not, it could be a great time to consider purchasing a policy with a lower price, but you may need to reconsider it later.
Do I need to take out a loan?
If the rate of your insurance is low, you probably don’t need to go to a lender and borrow money.
It may be tempting to borrow money to purchase insurance coverage.
However, when the rate is higher, it can be more beneficial to go with a loan.
You may want a higher-rate loan, or a loan with a higher interest rate.
Do the rates vary between different companies?
When you purchase insurance, you’re purchasing insurance coverage for your home and it’s likely that a few different companies will provide different policies.
Some companies may offer better rates, or lower premiums, than others.
If the company offers better coverage than your insurance company, it might be worth looking into purchasing a lower premium from that company.
Does the insurance company offer insurance for all of my options?
If there are no specific options available for your type of home, you might want to explore the insurance companies offering coverage for those options.
You might be surprised at what insurance companies will cover.
Will the insurance adjust for my age?
If your home is older than 30 years old, you likely have a higher risk of having your home damaged by the elements, like rain, snow, or hail.
Your insurance will likely cover these things.
However: You may be able to reduce your premium with an age-adjustment policy.
For example, you could have a home with a house that’s 50 years old and an older home with no insurance coverage but you could be able decrease your insurance coverage by purchasing a home insurance policy that lowers your age and provides additional coverage.
Are there any special requirements to insure my home?
Most insurance policies require that you pay for a certain amount of coverage to qualify.
For instance, if your home has a flood-proofing, the insurance may require you to pay $10,000 a year in flood insurance coverage in addition to paying your regular homeowner’s insurance.
If that’s not an option, consider purchasing an additional policy with an additional coverage that will provide $1,000 per year of flood insurance.
Do my options include coverage for animals?
Some insurance companies also cover pets.
These policies may include coverage of pets, but they may also include coverage only for pets with owners who are eligible to receive the policy.
Is there a monthly payment or deductible?
If an insurance policy is purchased with a deductible, you will pay a deductible.
The deductible is a portion of your premium.
You will pay the deductible in addition a premium, so it’s helpful to review your insurance plan before you purchase it. 9.
What is my deductible?
The deductible for your insurance policy varies by insurance company.
If an option does not include a deductible for pets, your deductible will be $100 per month for the first year of coverage.
After that, the deductible increases to $200 per month.
If a pet coverage option does include a pet deductible, the amount you’ll pay will be the difference between the deductible and the deductible you would pay if you bought the coverage directly.
If this amount is greater than the deductible, your policy will only cover you up to the amount of the deductible.
What if my coverage isn’t good enough?
There are many options to insure your home.
You’ll likely want to find out which policy will be best for you based on your specific needs and budget.
If, for example, your home does not meet certain criteria, you should consider looking into buying insurance from another company.
It could be that you have more options than you think