Insurance

HOW TO SAVE MONEY ON HOME INSURANCE




Buying a home is a valuable investment. Along with providing a place for you and your family to build lasting memories, a home is a great way to plan for retirement. While many potential homeowners are understandably concerned with getting the best interest rate and lowest mortgage payment possible, other costs can be trimmed as well.
Perhaps the biggest area where most homeowners would prefer to trim some fat off their monthly bills is with their homeowner's insurance. While such a thought might seem like false hope, according to the Insurance Information Institute, there are a variety of ways homeowners can lessen the blow of their monthly insurance bill.

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INSURANCE SMARTS

Home improvements can mean added value to your home, a more pleasurable living space and possibly the need to change your homeowners insurance policy. According to the Insurance Information Institute, around 40 percent of homeowners who say they have significantly remodeled their homes have not updated their homeowners insurance to reflect the added value. You shouldn't wait to add additional coverage after the improvements are completed. Talk to your insurance agent about what your renovations will entail before you begin, and he or she can help determine if your current policy will cover the added value and the potential extra liability you'll need from having workers in your home. You'll also want protection if the remodel is damaged or destroyed before it's completed. Otherwise, you'll probably have to pay for the loss out of your own pocket, which could be a very expensive venture.


HOME INSURANCE COSTS DEPEND ON INDIVIDUAL

First time home buyers often feel a little nervous before signing on the dotted line. Purchasing a home is one of the biggest financial decisions they might ever make, and it involves numerous components like insurance costs, which can either make or break potential home buyers. How much you'll pay is largely subjective, based on your own personal history and the choices you've made, not only with respect to the home you've decided to purchase, but also your own lifestyle choices.

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