April 28, 2016

Lower House Payment with NO Refi Required

cheap home insurance

Reduce Your Homeowner's Insurance Costs

If you have an escrow account for your home, part of your house payment each month goes to cover your homeowner's insurance.

This is pretty important coverage, don't get me wrong, but there are ways to make it cost a little less without noticing a significant difference in your quality of coverage.

The easiest is to go out and get new quotes from different insurance companies — this is pretty straight-forward. Buy the policy with the best price and comparable coverage and replace your old one.

If you like your insurance company and don't want to switch to another provider, you can still shave off some costs by re-evaluating your coverages. Are you insuring items that are no longer in your home, like jewelry you've sold or gifted?

Have you added a security system or other safety items that might reduce your home's risk?

When anything changes in your home, you should be informing your agent to keep your policy current. The same goes for your memberships in professional associations or clubs, you'd be surprised the discounts you get for just being a member of a professional organization or certain occupations, for example.

Always ask about discounts — the worst thing anyone can tell you is it's not available.

Adjusting your structure's coverage is a little touchier, but is definitely something you need to address. If you can afford a higher deductible, raising yours will reduce your home insurance premium.

The same goes for what you insure — ask your agent if you structure and lot are both covered. The problem with lot coverage is that even if your house burned to the ground, you lot would still be there for you to sell or rebuild upon as you choose. There's not much your insurance company is going to do for you lot, drop that coverage and you'll save a few dollars.

Combining your other insurance policies with the same carrier may earn you a multiple policy discount. Most insurance companies prefer having all your business and willing to give an additional 10%-15% discount on the home insurance policy. Plus, you'll probably see additional savings on the auto as well.

Many families have used the same insurance company as their family for generations - we've seen a savings of 50% or more annually, when they compare rates, which translates to thousand of dollars saved over the life a loan with a simple review of your policy or just comparing rates with other companies.

For more information, call 314-569-1010 click for online quotes in your area. 

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John Espenschied is a long-time veteran of the insurance industry. He's worked with thousands of clients over the years, helping to protect their personal and business needs. John's goal is to provide the best advice possible to assist customers in saving money while protecting their property and securing their financial future.
He truly enjoys helping others and takes great satisfaction in providing top-notch customer service. When he's not working, John has fun spending time with his family, golfing, bike riding, and blogging on insurance topics.