Homeowners Insurance Rates

Everything lately is going up and up, but homeowners insurance rates have skyrocketed if you are in certain areas that have seen a lot of fires, or windstorms or hurricanes.

Florida for instance has made it so that it’s next to impossible to get insurance if one lives on the Eastern coast. Thus, the trick has been to find a homeowners policy and pare down the costs so that one may afford the outrageous rates.

Consider raising the deductible of your policy in order to have the homeowners insurance rates become lower. In the old days we let the insurance company assume all the risks involved, but today with the rates escalating that no longer is affordable.

If you’ve had low deductibles of perhaps $50 or so dollars, consider upping that deductible to $1,000 instead. This may save you up to 25% on your premiums.

Today it is common for an insurance company to want to have the deductible to equal to 1% of the home’s value on homeowners insurance rates. Thus, if your home is currently valued at $200,000 you would have to pay a $2,000 deductible if you made a claim.

The days of insurance covering all the expenses of anything that happens to our property are unfortunately over, and thus this is the “new” trend. What it does do is to stop someone from making frivolous claims for things that in actuality should be their responsibility instead of the insurance company. So, now we share the risks along with the insurance company.

If you find the homeowners insurance rates to be exorbitant, you might consider having both your car insurance as well a your homeowners insurance from the same provider. Many insurance companies are offering deep discounts to those who do.

It never hurts to ask. Thus ask about any discounts that you may qualify for but never heard of. For instance, ask about a senior’s discount, or a discount for having hurricane shutters. You may qualify for a discount if you have direct current installed smoke alarms.

Bring your home up to become less of an insurance risk. For instance, installing fire alarms, putting up electric hurricane shutters, or installation of new wiring throughout your home. This kind of updating ought to substantially lower the premiums for homeowners insurance rates.

If you have made improvements that raised the value of your home though you may find that you are substantially under insured. Granted your homeowners insurance rates will go up, but that’s better than risking being largely underinsured!

Your premium for homeowners insurance rates will rise considerably if you install a diving board to your pool, or get a pit bull pup. We won’t go into what would happen if you would consider having a trampoline in your back yard! You have to understand that that would definitely make your property a more defined risk if you did those things, and thus it would raise your homeowners insurance rates.

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Homeowners Insurance Rates

homeowners insurance ratings

Homeowners Insurance Rates

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