 Your home is your sanctuary where you can do everything that you want. However, owning a house can be the biggest investment that you make. Aside from your mortgage, taxes and bills, your home’s insurance can also cost you more than you’ve expected. Let’s face it, it’s never fun to pay for insurance until the time comes that you need it for repairs around the house. To make it easier for you, there are ways to save money while still getting the best type of homeowner’s insurance.
This article will teach you more about the smart ways of staying on top of your homeowner’s insurance rates as well as tips on how to save money on your premiums. Tip #1: Not Everything Is Covered You may feel safe because of your existing homeowners insurance but you need to know that it doesn’t cover everything. In most policies, the fine print would read that the damages to be covered should occur due to an event that is accidental or sudden. This means that if the damages came from an existing hole in the roof, your insurance may reject your claim. It’s also good to take note that natural disasters like heavy floods or earthquakes are not part of your standard home insurance. These disasters occur suddenly and are unexpected, but they also require a separate insurance to be covered. If you own valuables like jewelries, firearms or other expensive items, you need to know that most insurance policies have caps for its coverage. If you want them protected at all costs, you need to raise the amounts of their coverage as you see fit. If you want to save yourself from unexpected expenses, the smart thing to do is to talk to your insurance agent and ask them to add flood, earthquake, mold and sewer back-up insurance to your existing policy or find out what other options may be available to you. Tip #2: Your Credit Score is Important Your credit score can affect your premiums just as much as it can affect the interest rates that you pay for your credit card loans. A recent study revealed that those with fair credit scores can pay over 30% more for their home insurance compared to those who have an excellent score. On the other hand, someone with a poor credit score can pay double for their premiums. Tip #3: The Number of Claims You Made Matters You don’t really want to use your home insurance as much as possible. However, not many people know that filing an insurance claim can make your insurance rate go up for a long period of time. Insurance companies sees policyholders who already made their first claim as those who would also make succeeding claims. This is why they raise your rates in anticipation of future claims. Based on the area that you live in and the type of insurance, your premium can increase up to 9% after your first claim. If you want to avoid this, think carefully if you really need to file a claim and if it’s worth having your rates go up. At Wellcovered Insurance, we take pride in making sure our clients are well protected at prices they can afford. To learn more about how we can help you please contact our agency at (386) 218-4951 or Click Here to request a free quote.
39 Comments
12/12/2017 03:09:59 pm
I found it interesting that a recent study showed that fair credit scores can pay over 30% or more for home insurance compared to those with an excellent score. With getting homeowners insurance, I am looking to get coverage for my family. We will be sure to work with our credit score in trying to get a good price on insurance. 2/5/2018 05:56:21 pm
My husband and I are about to buy a new piece of property, and we are wondering how to find some great homeowner's insurance for it. So I appreciate your suggestion to look into what else you might want to be covered since there are some things that won't come in your original plan. We will definitely make sure that the property insurance we end up choosing has full coverage of things like our belongings and natural disasters. 2/8/2018 04:47:07 pm
My fiance and I are trying to make sure that we are choosing correctly when it comes to home insurance. We are grateful to now know that the claims and amount of claims we make will matter in the long run. This will help us to better understand how to keep costs low and affordable. 2/12/2018 10:48:24 am
I didn't realize that my credit score actually plays a part into the insurance policy I get on my home. This is helpful to know since I've never owned a home before, but would like to by the end of this year. I'll definitely keep an eye on my credit score to ensure I can get a good insurance policy for the right price. 3/6/2018 05:15:53 pm
Now that my fiance and I are getting serious about moving into a new home, we want to look into home insurance. We want to know how much will be saving on this type of insurance. It is helpful to know that the number of claims that you make will affect this. 3/27/2018 08:00:20 am
My wife and I are getting ready to buy our first home, so thanks for the tips on saving on home insurance. I like your point about how your credit score can affect the premiums for your insurance. We'll be sure to get our credit score in a better place so we can qualify for discounts. 3/30/2018 03:05:35 pm
I didn't know that your credit score could have an effect on your homeowners insurance policy. Good thing we have kept up on our bill payments and stayed out of debt. We shouldn't have a hard time finding a good policy. Thanks for these tips because my sister is having a hard time on how to save money and get insurance for her house as well. It was mentioned here that her credit score is important because it may affect the possible interest rates. Moreover, it will be better too if she will not use the insurance as much as possible. 4/10/2018 06:05:17 am
Thank you for mentioning that not everything is covered. My sister is buying a home soon and I've been trying to compile a list of things that she's going to need to know. I think this is something great to keep in mind and that if you want to feel more secure than this picture is painting, it's going to cost a little more. Thank you, again. 4/17/2018 08:29:25 am
It's good to know that homeowners insurance doesn't always cover everything. I agree that you should keep this in mind when you're trying to save money on a policy. You want to find the best policy with the most coverage, but is the best price. 4/18/2018 03:31:44 pm
It really helped when you said that by talking to the agent about having the natural disasters added to your insurance could give you more options regarding the coverage. I heard our new neighbor is going to get an insurance. As of now, my mom told me that they haven't hired an agent to help them yet. I would probably visit them later and suggest this idea. Thanks! 4/19/2018 12:30:22 pm
My husband and I are planning to buy our first home soon so we are looking for homeowners insurance and I am glad that I found this article! It is interesting that you say natural disasters like heavy flooding or earthquakes are not part of standard home insurance and I will definitely keep this in mind when we pick our coverage. Also, I appreciate that you share that filing claims will actually increase the cost of your insurance so we will be careful about filing claims! 4/24/2018 12:14:42 pm
I just wanted to thank you for going over some tips for saving money with homeowners insurance. It's good to know that you should talk to an insurance agent to understand what is included in your policy. This seems really beneficial to also know what you can expect in the insurance, including things that you hadn't thought of before. 6/22/2018 02:24:11 pm
Thanks for pointing out that natural disasters generally aren't part of standard policies, so you should add them as you see fit. My husband and I are going to get our first home together, and we want make sure that it'll be covered for things like floods. Your tips will help us find a good homeowners insurance policy. 8/9/2018 03:27:53 pm
Thanks for elaborating on the different ways you can save on your homeowner's insurance. I agree that you should be looking to cover pretty much anything because it might cost you a little more a month, but it will save you in the long run. My sister is looking into buying her first home and she is looking at homeowner's policies; I will be sure to share this with her. 8/29/2018 02:54:40 pm
Thanks for the advice for buying home insurance. I like how you mentioned that our credit score can affect the rates as much as anything else. We're hoping to get our new home covered, so I'll make sure that we have satisfactory credit scores. 10/10/2018 04:41:50 pm
I'm glad that you mentioned how homeowners should raise their coverage amounts to protect expensive items in the house. My wife collects vintage cameras, and her collection is steadily rising in value. We definitely want to protect it should any theft or damage happen to our property, so I'll be sure to remember this tip when shopping around for a homeowner's insurance policy. 10/16/2018 09:12:06 am
I'm glad you pointed out that your credit score has a big influence on how much you pay for home insurance. My husband and I want to buy a new home in a few years when our kids have graduated high school. I'll start working on my credit score now so we can get the best deal possible on insurance for our new home! 11/14/2018 02:48:03 pm
I have home insurance, but I don't know if I have looked at the fine print necessarily. The fires in California have been an eye opener in double checking my policies to see if I would be okay in a situation like that. Of course, not everything won't be covered, but I think I would be at peace knowing I had the perfect home insurance plan if an accident were to take place. 11/26/2018 01:31:45 pm
I totally think any way to save money is the best thing to do. I really like how you mentioned the importance of the fine print and how typically, most insurance doesn't cover as much as you think which leads you to pay more for something you aren't getting. 1/11/2019 08:29:32 am
I didn't know how important your credit score is in the matter that it can directly affect your homeowner's insurance. It makes sense. I have been thinking about getting homeowners insurance for a while now. I think that it only makes sense that I would improve my credit score before I even thought about looking seriously at homeowners insurance. 4/11/2019 12:30:26 pm
I like how you mentioned that when getting home insurance, your credit is important because it can affect your interest rates and your premiums. I recently just bought my first house and need to get home insurance, but have no idea where to start. I will definitely keep your great tips in mind so that I can save money and find suitable insurance that can fulfill my needs. 5/29/2019 11:53:38 am
Thank you for the tips about ways to have lower homeowners insurance. My husband and I are in the process of buying our first house. We are also getting homeowners insurance, so thanks for the article! 5/30/2019 11:27:59 am
My husband and I just bought our first home together, and your article had great tips to help us ensure the house. I liked how you said to maintain an excellent credit score so we don't have to pay more for insurance policies. Thanks; we'll keep this in mind when getting homeowner's insurance. 8/5/2019 10:42:57 am
It's interesting that natural disasters like heavy flooding and earthquakes aren't covered in standard home insurance. Luckily for me, I live in a place that rarely has anything of the sort. I'll still have to look into upgrading my insurance to make sure all my bases are covered. 8/6/2019 12:37:35 pm
I had no idea that people with fair credit scores pay 30% more for their home insurance than people with excellent scores. My wife and I are planning on getting insurance for our home, but we are worried that our credit score might raise the price dramatically. It might be a good idea for us to find an insurance company that can offer us a fair price on an insurance plan. 9/20/2019 08:20:21 am
It's interesting to know that your credit score can affect your premiums just as much as it can affect the interest rates on your credit car loans. A friend of my brother recommended him to buy homeowners' insurance, and we are looking for advice. I will let him know about the benefits of homeowners insurance to help him. 9/24/2019 04:57:56 pm
Once I get a house, I'll need to get insurance. Everything isn't covered so it would be good to see what is and what isn't. That way, I can be prepared for the worst and see about getting additional coverage. 10/24/2019 04:39:05 pm
I love how you talked about credit score and how it affects the premium on your homeowner's insurance. My husband and I just moved to Peoria, AZ and we need to get new insurance from a professional. We will keep these tips in mind when searching for a professional to get our insurance from. 1/14/2020 02:23:18 am
These are great money saving tips. I agree with you that it’s necessary to have an insurance when you’re buying a home and know what are the inclusions incase of an emergency. 1/28/2020 12:47:00 pm
You make a good point that you need to raise coverage to protect jewelry or other personal items. My brother just moved to a new house this week. He'll have to make sure he buys the right insurance. 2/13/2020 08:34:19 am
It's good that you point out that homeowners insurance can cover you financially in case of unexpected damage to your home. I just bought a new house and I'm considering purchasing homeowners insurance for that reason. I'm going to look for a good provider of homeowners insurance in my area. 2/14/2020 03:01:40 pm
My brother and his wife are going to be purchasing their first home this summer. Thanks for mentioning that most homeowners' insurance policies don't cover natural disasters. They are moving to Florida and want to be secured in their insurance policies. I will let them know about this as they search for different homeowner insurance policies. 7/8/2020 02:00:26 pm
It was really helpful when you said to talk to your agent about adding back up insurance to your policy to save on unexpected expenses. My husband and I are planning on looking into getting insurance for our home that we want to move into in a couple of weeks, and we were wanting to make sure that we do everything right. We'll make sure to keep this information in mind once we find a place to get insurance for our home from. 10/20/2020 07:26:14 pm
My husband and I are planning to buy a residential house, which is why we're also considering to purchase homeowners insurance because this will protect us from any possible damages. You have a point that it would be best to request if it's possible to add flood, earthquake, mold, and sewer backup in the insurance coverage. Well, it also never occurred to us that credit score can affect the premium, and therefore, we'll make sure to have it checked first. 12/29/2020 07:36:24 pm
You made a good point when you shared that it is wise to talk to your agent regarding the insurance policy in order to determine the right one for you. My sister just mentioned the other day that she is planning on getting a new home as she wants to be more independent rather than relying on my parents solely. I will suggest to her getting homeowner insurance so she can protect her asset from any unwanted circumstances. Leave a Reply. |
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