I’ve got great news. I recently saved a lot of money on homeowner’s insurance plan. No I did not switch to Geico. Actually I didn’t switch companies anyway, but I did just cut my annual insurance premium by 50 %!
Here’s the way I did it. I just received my yearly home owner’s insurance policy renewal notice. When we purchased our home four years ago for $318,000 our insurance was $2,500. Over the past 4 years it’s gone up to $2,896.
So when I received my renewal notice I called my local insurance agent and asked what can be done to lower my premium. She suggested 3 options:
1. Decrease my coverage. This is effective because my home has gone down in value and the cost to rebuild its way less than the coverage amount.
2. Increase my deductible. My current deductible is $1,000 and my agent advised increasing it to $2,500.
3. Get a Wind Mitigation Inspection. For a cost of $85 I can have a licensed builder inspect my roof’s age, style, pitch, condition & quality.
We chose #1 and #3. Option #2 would have saved us $120 annually however since I’m currently unemployed we felt convenient sticking with the lower insurance deductible.
The contractor was able to come out the next day. He took pictures of the exterior of our house, inspected the roof and looked in the attic.
My agent just called, less than 1 day after my Wind Mitigation Inspection and guess what our new premium will be? $1,360! This is a savings of $1,536, not just once but each and every year!
If you’d like to reduce your homeowner’s insurance plans cost then call your agent today and get what options are available in your area!
Want to find out more about mobile home insurance companies, then visit our site on how to choose the best home owner insurance coverage for your needs.
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