I wonder if all of the new stimulus bill homeowners considered the cost of coverage when they calculated their monthly expenses. I know that attractive mortgage payments are usually jacked up by as much as 1/3 when taxes and insurance premiums are added in as part of a monthly bill to pay. This article got me thinking about it: first time homeowners insurance policies. Add the new cost of insuring a house to existing auto, health , and life bills, and it can feel as if a large chunk of money goes to some insurance company every month!

Tips to Lower Homeowners Insurance Rates

If you are struggling with your bills, or even if you would just like to shave some of them so you can save more money every month, it may be time to analyze your policy. Besides, experts tell us we should evaluate all of our coverage every year or so. Our circumstances change, and so does the market from which we purchase policies.

Shop Around – Understand that insurance policies are local. Not all companies do business in every state, county, or zip code. Furthermore, rates are also set by local area. I am fairly sure that it would cost more to buy the same type of coverage for a 2,500 square foot home in the New York City metro area than it would in a rural area a few hundred miles away. In fact, it would probably cost less to buy the same coverage in a suburban area a few dozen miles away. To further complicate matters, every insurer has their own rate tables and discounts. Explore the market.

Save Time and Money - Use online quote forms that will deliver competitive and accurate quotes for your own situation. We like this one because it is free, simple, and safe (BBB participant): Best Homeowners Insurance Rate Quotes.  You simply enter your specific information once, and you will get a variety of choices. You can choose to see companies online, get emailed quotes, or speak with a qualified local agent.

Consider The Type of Coverage you need – A family that lives in the house they cover will have different needs than a tentant or renter.

Look for Discounts – Combining different types of coverage, say home and auto insurance discounts, may save you money. This is because it saves the insurer money, and they want to capture as much of your business as possible.

Don’t be Penny Wise and Pound Foolish – What does that mean? Well, it means that you should not try to save a few dollars a month by going with an insurer who is not going to back you up when you need to make a claim.  Run your quotes with the best homeowners insurance companies so you will be satisfied with their service when you need it.

Loyalty is great, but your current company may not offer the best plans and prices in the current market. It is a good idea to evaluate your policy every year or so. If you are satisfied with your current plan, then keep it. But you may find a better deal out there.

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