With the cost of just about everything climbing these days, it’s safe to say that every penny counts, especially where your homeowner’s insurance is concerned. If you’re thinking about purchasing a home, getting homeowner’s insurance is a must. However, there are so many mortgages, loans and other information available that can be confusing.
Tips for Getting Quality Coverage While Saving Money
Bundle your homeowner’s insurance with your auto insurance – many insurers will offer significant discounts off your homeowner’s premium when purchasing more than a single policy from them. If your auto insurer offers homeowner’s insurance as well, you could end up with a lower premium than purchasing one or the other. Ask your auto insurance rep about this. It will provide you with a baseline cost that you can compare with other insurers.
Do some comparison shopping – now that you know the cost of bundling your auto insurance with your homeowner’s insurance, start comparing it to other providers. Be sure to research what you’ll be up against if you ever have to file a claim. Talk to other family members and friends as well about their homeowner’s coverage. Did they ever have to file a claim? What was their experience like?
Check with the Colorado Division of Insurance and the NAIC (National Association of Insurance Commissioners) for complaints and ratings. Furthermore, other places to research for insurance include consumer’s guides, Google reviews, and yelp.com. Remember, make sure you’re comparing apples to apples. Don’t just shop for the cheapest price (you get what you pay for).
Improve your home security – as an after-the-purchase step, consider installing a burglar and fire alarm system as well as a sprinkler system that are hooked up to the monitoring stations. Your insurer will lower your premium up to 15% or even 20% in most cases. Additionally, you can get at least a 5% reduction for installing a burglar alarm, dead-bolts, and a smoke detector. Check with your insurer about the systems you install and if they will qualify for a discount.
Increase your deductible – consider starting with a higher deductible if there are financial concerns and money is tight. You can always lower this in the future. This can be really helpful when buying a home considering the closing costs, down payment, and other fees you’ll be paying. The higher your deductible, the cheaper your premium.
Save Your Homeowners Premium With Front Range Mortgage
To learn more about saving on your homeowner’s premiums, call Front Range Mortgage today at (303) 500-1900. Our experts are available to discuss your specific requirements and can answer all of your questions!