Homeowners Insurance Rates Hike
At times it's hard for homeowners to simply accept ongoing home insurance rate hikes for apparently no reason, though in actuality insurers may have perfectly legitimate reasons for doing so. There are two sides to every story, including the insured's and the insurer's.
If homeowners disagree with being forced to eat skyrocketing insurance rates, then they should contact their State Insurance Regulators and let them know why they believe that such rate hikes are unacceptable.
With that said, Contact Your State Insurance Regulators Here.
Only by letting insurance law makers know how you feel does change have the opportunity to occur. Hammer them with it until your voice is heard, because it's the only way you'll know if they can take legitimate action against the rate hikes or not.
Homeowners Insurance Savings Tips
If you're simply outright not getting anywhere with your current home insurance carrier when it comes to saving money, or do not wish to waste time contacting your state insurance regulators about your carrier's rate hikes, you could save up to several hundred dollars per year on your homeowners' insurance simply by shopping for another home insurance company. Here are some tips to help you save good hard-earned money...
We highly recommend that you opt in for a higher deductible. When you up your deductible by several hundred dollars it could result in a relatively affordable premium payment each month for you. Like the old saying goes, a penny saved is a penny earned; enjoy those savings for other things.
Discuss what discounts you're eligible for with your insurance agent. If your home is equipped with insurance-industry recognized and accepted safety features such as a quality alarm system, dead bolt locks, fire retardant construction materials, smoke detection and storm protection, this could get you a substantially lower premium depending on your insurance carrier and other factors. Also, if you're 55 and are looking to become a long-term policy holder with your potential carrier, you could catch discounts along those lines as well. So ask those discount questions as it could help you save big.
Make sure that you cover your home and the land that it's sitting on. Should disaster strike, the land itself will still be there for you. So make sure that you subtract your land's value in your home value assessment when making the decision regarding how much home insurance you need to buy, or you will end up shelling out more money than necessary to protect your home...
Don't get caught with a loss to determine if you have the proper coverage and protection amounts.
Make sure that you buy sufficient home insurance coverage to replace what you're insuring in the first place. A "replacement" policy reimburses you for the reconstruction of your house and the replacement of what's in it such as personal belongings, furniture, appliances, and so forth. "Actual Cash Value" coverage, on the other hand, is cheaper. However, it only reimburses you for your home's value at the time it was lost less its depreciation for age, wear, and tear.
Make sure to inquire individual coverage riders that protect additional items not covered in the regular policy as there may be an extra premium involved pertaining to the protection of antiques, art, cameras, computers, gun collections, jewelry, musical instruments, stamp collections, etc.
Warning: Standard home insurance does not cover earthquake and/or flood damage. Earthquake policy premiums are based and computed on the probability of earthquakes occurring in your area. If you live in a flood plain, it is highly recommend that you participate in the National Flood Insurance Program.
Hopefully this bit of information can help you save some hard-earned money on your home insurance premiums.
To make your home insurance shopping experience easier, give us 5 minutes by entering and submitting your zip code on top of this page, and browse the top carriers and deals for your absolutely free homeowners insurance quotes online, and see how much you can really save.
Your wallet will appreciate the potentially lower home insurance rates you could end up getting simply by checking out the hidden bargains that are sitting out there right now as you read this.