Property Insurance Considerations
August 31, 2022
Did You Know?
It may cost as much as 30% more to rebuild parts of a home as compared to completely building a new one from scratch. Rebuilding is often more expensive because demolition and removal of damaged property are pricey. This can make rebuilding difficult and limiting.
While it may seem like a viable option to lower your property insurance coverage to save money, this may end up costing you big in the long run. If your policy limits are too low, the cost to fix your home may exceed your limits, even if your home’s value has lessened recently.
Limits on your homeowners insurance are established to protect your family in the event that something would go wrong. In an effort to remain protected and save money, consider the following savings tips:
- Increase your credit score by paying your bills on time. For example, avoid writing bad checks.
- Avoid filing nuisance claims. Use your coverage to protect against losses that you cannot recover by yourself—take care of minor incidents on your own.
- Increase your deductible to lower your monthly premium.
- Consider buying multiple lines of coverage from the same carrier to incur discounts, such as your homeowners, automobile and life insurance.
Another way to save on homeowners insurance: install a security system and deadbolt locks. These safety measures reduce the likelihood that intruders will be able to successfully enter your home, which would result in an insurance claim.