When you get a mortgage on your home, the lending company requires proof of insurance for the property because they are interested in protecting their investment. Regardless, you should also have homeowners insurance on your home to protect you in the event of a catastrophic event such as a fire, windstorm, hail or even a flood.
The most common error that people make when purchasing homeowners insurance is getting coverage that isn’t needed. As an example, if you live on a mountain, the chances of getting flooded drop significantly. A lot of people find themselves paying for a flood policy when it is not necessary.
Another error that people tend to make when getting homeowners insurance is to not ask for discounts. If you are like many people, you have your homeowners insurance at the same company as your auto and life insurance policies. This can present a great opportunity to capitalize on some discounts that you may not otherwise be eligible for such as a multi-line policy discount. The more of your business that an insurance company obtains, the more likely they will be willing to toss you a bone to keep it. Other discounts that you may qualify for include any of the following:
- Home Security Devices – these can include a burglar alarm, deadbolts, etc.
- Fire Safety – Smoke detectors can have a positive impact on the final amount that you pay for your mortgage insurance.
- Home Maintenance – If you have a hail resistant roof, there are potential savings to be had.
The only way to know how much you can truly be saving on your homeowners insurance is to speak with your agent and ask.
The most important thing that anyone can do to save money on their homeowners insurance is to shop around. The fact of the matter is that insurance company’s rates are changing all the time. Whatever rate you are paying now could be significantly lower at a different company. It’s very important to shop around every year to see who has the best rates to fit your needs. As your local independent insurance agent we are an excellent resource to save you the hassle and all of the work. Call First Independent - Descamps Insurance Agency today at 888-513-8784 for a Sterling Heights home insurance quote.