How to save money while insuring your home properly
If you are preparing to buy a home, one necessary next step is to secure homeowners insurance. Most mortgages require it, and it will help protect your investment from natural disasters, accidents and other loss.
Your policy will help cover the home itself, your belongings and help protect you from liability if others are injured on your property. We will talk about the details of what homeowners insurance should cover in a future post.
Below are a few ways to save on homeowners insurance:
- Insure for property value. Your policy should cover the replacement cost of the home, which is not the same as market value.
- Maximize your deductible. Set your deductible at a higher, but comfortable level, to lower your premium.
- Ask for discounts. Your insurer most likely offers discounts based on a variety of factors, including safety upgrades to the property, holding multiple policies with the insurer, being a non-smoker, retirement and more. These discounts vary from company to company, so shop around.
- Group rates. Membership with certain groups or associations may help you gain access to discounted rates on insurance.
- Review your coverage periodically. Make sure that you are not over-insured for items that you no longer own or that may have depreciated over time.
- Premium comparisons. Each state offers insurance premium comparison reports. To access the one for Colorado, click here.
Homeowners insurance is a necessary part of home ownership, but with a little research and persistence, you can save some money on this expense. You want to be sure that you have sufficient coverage without blowing your budget.
To learn more about home ownership in Steamboat Springs, contact us using the form below. We will put our nearly 30 years of experience to work for you.