What effects insurance rates?
- Do you live in a high-risk area? such as earthquake fault lines, tornado and hurricane belts, close to major waterways or other high claims areas, your rates will be higher.
- What's the age and condition of the structure? when was it built, what type and how old is the roof, plumbing and electrical? Have any claims been filed in the past several years?
- What's the size of the house: are you buying more square footage than you need?
Check to see what discounts are available to you?
- Buying several kinds of insurance, home, auto etc. from the same company can reduce costs.
- Security system and smoke alarm credits
- Loss-free credits for being claim-free for many years.
- No smoking households, good deadbolts, living close to a fire hydrant.
- The type of siding and roofing on your house
- Even your age if your over 50 can decrease rates.
- Increasing your deductible. A $500 deductible is common, insurers encourage higher deductibles by increasing the savings. You may see big breaks between $250, $500 and $1000 deductibles.
- Group discounts. Insurance might be available through an affinity group or organization.
- How much insurance do you need? make sure you are buying coverage for the structures only, not the land.
- Pay Off Your Mortgage: insurance companies figure that if you own the home outright, you'll take better care of it
- How much liability coverage do you need? This protects the insured against claims arising from bodily injury and property damage to others. Policies commonly start at $300,000 in coverage for liability, with options to increase it to $500,000 or even up to $1,000,000 in coverage on most policies. Over that you need an umbrella policy or excess liability policy. Umbrella policies give you an additional $1,000,000 in liability coverage for a premium.
Replacement Cost Coverage, is the additional coverage on top of the insured amount. It is designed to cover inflationary costs for rebuilding. If the insurance company has 125% replacement cost coverage, the homeowner could receive an additional 25% over the insured amount.
Shopping for affordable insurance:
Shopping and comparing rates in the current high cost insurance market is more important than ever for obtaining affordable insurance. Using a website that provides multiple quotes from different providers is one of the best ways to ensure your getting a good rate. Best of all is that you can do it from the comfort of your own home.
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Michale Trueson is a specialist in insurance cost reduction through company and policy comparison.
In todays market shopping and comparing is a must for affordable insurance.
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