RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
  • Agents
  • Brokers
  • Teams
  • Marketing
  • Coaching
  • Technology
  • More
    • Headliners New
    • Luxury
    • Best Practices
    • Consumer
    • National
    • Our Editors
Join Premier
Sign In
RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
RISMedia
No Result
View All Result

Considering Cutting Back Homeowners Insurance Coverage to Save? Press Pause on That

Home News Consumer
By RISMedia Staff
October 5, 2021
Reading Time: 2 mins read
Considering Cutting Back Homeowners Insurance Coverage to Save? Press Pause on That

If money is running tight and you’re looking for ways to cut back, you may be tempted to cut into your homeowners insurance coverage. This could be a mistake.

If you don’t have adequate coverage and your house gets damaged or destroyed, or someone gets seriously injured on your property, you may be on the hook for hundreds of thousands of dollars. Fortunately, there are steps you can take to lower your homeowners insurance premiums without scaling back your coverage and putting your family’s financial future in jeopardy.

Bundle Your Insurance Policies
If you currently have your homeowners insurance through one company and your auto or life insurance through a different insurer, you may be spending more than you have to. Insurance companies typically offer substantial discounts to customers who bundle their policies. If you buy two or more types of insurance from the same company, the total you spend may fall significantly, even if you keep your coverage limits exactly the same.

Find Out If You Qualify for Discounts
You may be eligible for one or more discounts on your homeowners insurance. Insurers reward customers who make upgrades that make them less likely to file a claim. For example, you may qualify for a reduction in premiums if you repair or replace your roof, update your home’s electrical system or install a monitored home security system. If you make any of those changes, notify your insurance company and ask if you’re eligible for lower rates. You may also qualify for a discount if you’ve been with your current company for several years.

Raise Your Deductible
Your homeowners insurance premiums are based, in part, on your deductible. If you experience a loss, you’ll have to pay the deductible out of your own pocket before your insurance will kick in.

Raising your deductible may lead to a significant reduction in your premiums. Call your insurance company or agent and ask. You should only raise your deductible if you’ll have access to that amount of money if you need to file an insurance claim.

Shop Around for Better Rates
Switching to a different company is another possible way to save money. You should compare rates from different homeowners insurance companies every year. If you contact other insurers and request quotes, you may be surprised to find that you can get the exact same coverage you have now at a much lower cost from a different company.

Even if the insurer you currently have offered the lowest premiums when you bought insurance, another company may quote you a lower price today. You also may be eligible for discounts that weren’t available to you when you originally purchased homeowners insurance.

Agents, want more tips like these to share with your existing and prospective clients? Check out our automated social media marketing platform, ACESocial.

Tags: ACESocialConsumer ContentHomeowner's Insurance
ShareTweetShare
Jordan Grice

Jordan Grice

As an Associate Online Editor, Jordan Grice produces a mix of content and reports for RISMedia’s online publication, daily newsletters and Real Estate magazine. He also plays a role in writing, editing and publishing content featured in RISMedia’s RealEdge Podcast page. Prior to joining RISMedia, Jordan has served as a journalist for Hearst Connecticut Media Group, The Republican and Local Voice Media (now Local Daily Media).

Related Posts

The 10 Best Markets for First-Time Homebuyers in 2023
Agents

The 10 Best Markets for First-Time Homebuyers in 2023

January 27, 2023
Mortgage Performance Remained Exceptionally Healthy in November
Agents

Mortgage Performance Remained Exceptionally Healthy in November

January 27, 2023
Renting Remains More Affordable, Despite Rising Prices
Agents

Renting Remains More Affordable, Despite Rising Prices

January 27, 2023
What Donations Charities Will Pick Up at Your Home
Agents

What Donations Charities Will Pick Up at Your Home

January 27, 2023
Anywhere Appoints Egbert L.J. Perry to Its Board of Directors
Agents

Anywhere Appoints Egbert L.J. Perry to Its Board of Directors

January 27, 2023
Maryland Brokerage Hubble Bisbee Joins the Christie’s Network
Agents

Maryland Brokerage Hubble Bisbee Joins the Christie’s Network

January 27, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Tip of the Day

Quiz: Discover the Best Coaching Program for You

No matter what stage of your real estate career you are in, working with a coach can increase your earnings... Take the Quiz.

Business Tip of the Day provided by

Recent Posts

  • The 10 Best Markets for First-Time Homebuyers in 2023
  • Mortgage Performance Remained Exceptionally Healthy in November
  • Renting Remains More Affordable, Despite Rising Prices

Categories

  • Spotlights
  • Best Practices
  • Advice
  • Marketing
  • Technology
  • Social Media

The Most Important Real Estate News & Events

Click below to receive the latest real estate news and events directly to your inbox.

Sign Up
By signing up, you agree to our TOS and Privacy Policy.

About Blog Our Products Our Team Contact Advertise/Sponsor Media Kit Email Whitelist Terms & Policies ACE Marketing Technologies LLC

© 2023 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

No Result
View All Result
  • Home
  • Premier
  • Reports
  • News
    • Agents
    • Brokers
    • Teams
    • Consumer
    • Marketing
    • Coaching
    • Technology
    • Headliners New
    • Luxury
    • Best Practices
    • National
    • Our Editors
  • Publications
    • Real Estate Magazine
    • Past Issues
    • Custom Covers
  • Events
    • Upcoming Events
    • Podcasts
    • Event Coverage
  • Education
    • Get Licensed
    • REALTOR® Courses
    • Continuing Education
    • Luxury Designation
    • Real Estate Tools
  • Newsmakers
    • 2022 Newsmakers
    • 2021 Newsmakers
    • 2020 Newsmakers
    • 2019 Newsmakers
  • Power Broker
    • 2022 Power Broker
    • 2021 Power Broker
    • 2020 Power Broker
    • 2019 Power Broker
  • Join Premier
  • Sign In

© 2023 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

X