Whether you’re buying your first house or burning your mortgage papers, if you own a home, insurance is a fact of life. While you can’t avoid homeowner’s insurance, there are ways to lower the cost. Below are five actions you can take to keep some of your hard-earned cash in your pocket.
You better shop around
It might be an easy decision, but a little price comparison is time well spent. Different companies can offer substantially different premiums. Consider getting four to six quotes. If you have a copy of your home inspection, have that handy, as you may be asked about such things as the roof, siding, etc. You can find insurers in your area by searching the Internet, the yellow pages, or getting recommendations from friends. The National Association of Insurance Commissioners can help you find information on local insurers. They’ll even let you know if there were any complaints. Think about using an independent agent. They’ll have knowledge of what’s available and can help you get the coverage you need for the best price.
Most insurance companies offer a discount for bundling your homeowner’s policy with your auto insurance. Call your insurance company to find out. If they don’t offer this discount, you might want to think about making a change. Just be sure that the combined price is really less than purchasing two separate policies from different companies.
Get a raise… on your deductible.
A deductible is the amount of your out-of-pocket expenses before your insurer will pay on a claim. Typically, your deductible will be between $1,00 and $2,500. Increasing your deductible could result in a substantially lower premium. Keep in mind that it will also increase your burden in the event of covered damage. You will need to be able to afford the deductible for the insurance company to kick in.
If you want to discuss options for homeowners’ insurance, please call us at 561-732-9305. Our quoting hours are Monday through Friday from 8:30 AM to 5:00 PM. In addition, you can request a quote online. Please remember, We Handle All the Work, While You Save!
Robert Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953. Oyer, Macoviak and Associates are vested members of the community who are committed to doing business face-to-face and being your insurance advocate in times of need.