Best Homeowners Insurance

Whether you have a 15 year or 30-year mortgage, or even a 40-year mortgage, you have to be sure you get the best homeowner’s insurance for your needs. Not only does your lender probably require it, but having the best homeowner’s insurance helps protect you if your home is damaged, such as if you have a major plumbing leak in your home or if a tornado strikes and rips off your roof.Even though homeowner’s insurance is a necessity, many people don’t look forward to paying these high costs. The best homeowner’s insurance companies consider a lot of factors when determining costs, and there are a surprising number of things that can affect how much you have to pay. By having a better understanding of what goes into your insurance costs, you can learn how to reduce them. Plus, if you use our online tool, you can get quotes from the best homeowner’s insurance companies so that you can find the top coverage for the lowest price.

Things That Can Cause Your Homeowner’s Insurance Premiums to Go Up

If you want to save on your homeowner’s insurance coverage, you must first understand what goes into the determination of your premiums. A lot of people, such as first-time homeowner’s, don’t know the things that affect their mortgage escrow costs. These are some things that you should consider if you want to keep costs low.

Age of the Home

Although there are a lot of great things about buying an old home, you should know that older homes are more expensive to insure. homeowner’s is because the home could be more prone to issues than a newer home. For example, the roof on an older home might be more prone to storm-related problems, and old plumbing might be more likely to spring a leak and cause indoor flooding. Ensuring that you make necessary repairs and keep your older home in good shape can help you keep your costs down.

Type of Home

Different types of homes can come with various insurance costs. For example, many of the best homeowner’s insurance companies will not cover mobile homes because they fear that they are more likely to be damaged in a storm. Although it is certainly possible to find coverage if you own a mobile home, you may have to shop around a little more. A brick home, on the other hand, is often considered to be more sturdy and can be cheaper to insure. The square footage of your home can also affect your costs, and a larger home is more expensive to secure the best homeowner’s insurance on than a smaller one.

Location of the Home

The location of your home can have a significant impact on your homeowner’s insurance costs. For example, even though you might dream of living in a beach front home, you should know that the insurance costs can be much higher due to the increased risk of flooding or issues from hurricanes. Homes in flood zones and coastal areas, as a whole, are more costly to insure. This is something for you to think about before you buy that water-front house or condo. Also, the cost of living in the area that you are purchasing your home can affect your homeowner’s insurance costs, and living in a zone that is prone to tornadoes can cause your costs to go up.

If you have your heart set on buying a home on the water or in a hurricane-prone area, taking steps like installing storm shutters can help. Along with reducing your homeowners insurance costs, it can also help keep your family and home safe.

Having Pets

Although you might love pets, you should know that some of the best homeowner’s insurance companies do not. Many companies do not cover homeowner’s who have certain breeds of dogs, such as pit bulls. If you have dogs, your costs could be higher, or your insurance company might decline to provide liability coverage. This means that the insurance company will still cover damages to your home, but won’t pay out if someone gets injured while on your property, such as if the person is bitten by your dog.

Having a Pool

Although you might love the idea of buying a home with a swimming pool, be aware that your chance of a lawsuit can go up significantly. Installing a fence around the pool and ensuring that there is proper signage can help, but you can still expect your homeowner’s insurance costs to be significantly higher. This is because your insurance company knows that there is a chance that it will have to pay out for injury or death due to your pool. Pools can be a lot of fun, but they can be costly in more ways than one.

Buying a Trampoline

If your kids have been asking for a trampoline or if you have been thinking about buying one for exercise, you should know that your homeowner’s insurance company will want to know about it. A lot of kids get hurt on trampolines, and if your child’s friend gets injured while playing on it, your insurance company might have to pay. Because of this added risk, your insurance costs might go up.

Not Properly Maintaining Your Home

Although it can be tough to come up with the cash to make necessary repairs to your home, failing to keep your home properly maintained can result in higher costs. This is because some of the best homeowner’s insurance companies know that a home that isn’t properly maintained can be more prone to various types of damage. A simple hail storm, for example, might not cause much of a problem for a home that’s in good shape. For a home that needs work, however, this type of storm could result in a lot of expensive problems. Wind damage can also be more significant on a home that’s not in good shape than on one that is properly maintained. To keep costs reasonable and to keep your home in good shape, it’s important to keep your windows, siding, plumbing, electrical and more accurately maintained.

Choosing a Lower Deductible on Your Homeowner’s Insurance Plan

Choosing a low deductible can seem like the right thing to do. In the middle of a catastrophe, the last thing that you want to worry about is coming up with thousands of dollars. However, there is a downside: you have to worry about your homeowners insurance costs being higher each month. This is something for you to think about when you’re purchasing your policy, but you should make sure that you follow any guidelines that your lender might have put in place, since many mortgage lenders do have requirements about these matters.

Using Certain Payment Methods

Did you know that the method that you use to pay your homeowner’s insurance payments can actually have an effect on how much you pay? For example, paying monthly instead of every six months or year can result in extra charges every month, and you may have to pay an extra fee by paying over the phone rather than on the Internet or via mail. This obviously isn’t a concern if your lender pays your insurance with an escrow account, but it is something to think about if you pay for your coverage separately.

Personal Factors

The best homeowner’s insurance companies don’t just look at homes when they are determining costs; they also look at the person who is buying the policy. If you have filed a lot of claims, been convicted of insurance fraud or otherwise seem like a higher than average risk for the company, you may pay more. You might also have to pay more if you are a smoker or if you have a low credit score. For example, insurance companies worry that smokers might cause a fire in the home or that those with a low credit score might be less likely to pay on time or might be less responsible for caring for and maintaining the house and land. Seniors may also pay less than younger homeowner’s for insurance.

Value of Your Possessions

Your coverage also covers your possessions. If you have multiple cars, campers or structures on your property, they can drive up your costs. Having a lot of valuable jewelry or other items in your home can also affect your rates.

How to Save on The Best Homeowner’s Insurance Policy

Being aware of the many things that can cause your rates to be higher can help you save. For example, you know to think twice before installing a pool or investing in a trampoline. However, one other great way to save money on your coverage is by using our online tool to find the top deal.

Our tool makes it super-simple for you to compare estimates from many of the best homeowner’s insurance companies and find the lowest price. It also helps you find the best coverage, so you’ll satisfy your lender and ensure that your precious home is properly covered. Enter your info today, and you’ll be on your way to finding good, affordable coverage.

Here is a list of some of the best homeowner’s insurance companies you can compare online:

Allstate
State Farm
Progressive
Farmers
Erie Insurance
SafeCo Insurance
MetLife
American Family
AAA
Hartford
Auto Owners Insurance
And many more