subject: Lowering the Cost of Home Coverage [print this page] Lowering the Cost of Home Coverage
Do you own a place or rental property? If you do, here are some concepts that can save you a big bunch of money, starting today. Perhaps your coverage payment is included in your mortgage payment and as the years went by you started to ignore how much you were paying. You could not even know what is covered or how much you can have to pay out of pocket for your deductible if you have damage.
Maybe when you bought your house your real estate person or builder referred you to an coverage company that shoehorned your policy onto your mortgage payment without going over the policy. Do you remember? If you do not, it is time to pick up the phone to make sure you have exactly what you want in coverage, not what your insurance company wants to sell you. You could save hundreds of dollars a year just by getting some information. Here are some points to consider in fine tuning your policy: Raising your deductible by a few thousand dollars will lower your policy payment considerably.
Dropping flood coverage if you are not in a flood prone area also reduces your payment. Are your furnishings and belongings really worth what you are paying to have them covered? Call your insurance company or visit them so you will go over your policy line by line. Get answers and decide for yourself where you must trim the insurance bill. Once modified, call your mortgage company and have them adjust your mortgage payment accordingly and immediately. Always be open to shopping around for place policy for the best price.
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