Get The Best Homeowners Insurance Rates

1. Shop Around

You wouldn't buy a car without first seeing what price other dealers were offering it for, right? The same is true for homeowners insurance. Often times you can get the exact same coverage from a different company for a fraction of the cost you are currently paying.

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2. Increase Your Deductable

The deductable is how much money you have to pay out of your own pocket before your insurance company will start to pay in the event of a disaster or theft. By choosing a higher deductable amount, the cost of your monthly coverage will drop.

3. Don't Include the Value of Your Land

This is a really common mistake that people make. When you bought your house, you also purchased the land that your house sits on, right? Well, that land isn't prone to theft or disasters covered by your homeowners policy, so it doesn't need to be insured. You only need to carry enough insurance to cover the cost of rebuilding your home and do not need to include the cost of the land it sits on.

4. Get a Security System

Even a bare bones security system can save you a lot of money on your homeowners insurance. Not only that, but it will help you keep you, your family and your possessions safer. It's a win-win situation!

5. Get All of Your Insurance from the Same Company

You often can get a price break if you have both your auto and home insurance through the same company instead of using different companies for each.

Homeowners insurance is insurance that gives financial protection for your home and for your belongings inside your home in the event of a disaster. Most policies cover theft, fire, lightening, smoke, hail, frozen pipes and ice and snow.

You'll also find that there are some disasters that are not covered by most policies. These disasters that are not covered usually include acts of war, earthquakes, nuclear accidents, terrorism, floods and poor maintenance by the homeowner.

You need to read through your homeowners insurance plan carefully to see which disasters are and are not covered by your plan.

The Structure of the Home
Homeowner's insurance provides financial coverage for replacement and repairs of the structure of your home if it is damaged or destroyed by any of the disasters that are covered by your policy. Outbuildings like tool sheds and garages are usually also covered in your policy in addition to your main home.

Personal Belongings
Most homeowners insurance policies also cover your personal belongings that you keep in your home. This means that if your items are stolen or if they are damaged by one of the disasters covered by your homeowners policy your insurance company will reimburse you for their loss.

You may need to purchase additional coverage for any high dollar items that you have in your home if their value is above and beyond what is covered by a normal homeowners insurance policy. You can read through your coverage to see if you need to purchase any additional insurance for any of your items.

It's also a good idea to catalog the items that you do have, either through photographs or by taking a video camera through your home. Then store the photos or video somewhere safe like in a safe deposit box. That way if you do have a disaster it is much easier to prove to your insurance company exactly what was lost or damaged.

Liability Claims
The majority of homeowners insurance policies have liability coverage included for you, your family and your pets. The liability coverage will usually cover medical payments to third parties if they are injured on your property. It also will often cover legal costs if a lawsuit is brought against you.

If you rent out part of your home it may also reimburse you for rent that you would have collected if you are temporarily unable to use your home due to one of the covered disasters.

Money to Live on if You are Unable to Occupy Your Home
If a disaster happens that makes it impossible for you to live in your home, many policies will provide you with money to cover your living expenses temporarily until you are able to get back in your home. This coverage usually pays for hotel costs, meals and restaurants and other vital living expenses.

Lenders require a minimum amount of coverage on a home that is usually equal to the appraised value of the home. While this may be the minimum requirement of the bank, it is a good idea to insure the home for the actual cost of rebuilding it in case it is completely destroyed by a covered disaster.

If you have paid your home loan down quite a bit, you may be able to save money each month by lowering the amount of coverage you carry on your home. Usually the bank will just want to be sure that you are carrying enough coverage that they will get paid in case the house is destroyed.

Most people carry too much coverage on their home, anyway. This is because they insure it for the value of the home and the land. Think about it - if your house burns down you will still have your land. This means it really is usually only necessary to carry enough insurance to cover the cost of rebuilding the actual home and any other buildings on the property.

Just like auto or medical insurance, homeowner's insurance has a deductible. The deductable is the amount of money you must pay out of your pocket toward repairs or replacement before your homeowner's insurance will pay anything. You can save money on your monthly premium by choosing to go with a higher deductable. Keep in mind, though, that this will mean that you will have to pay more up front out of your own pocket in the event of a disaster. On the other hand, it also means you will save money each month, which you could even put into a savings account that you could use in case of emergencies.

By putting the money you save into a savings account instead of paying the higher premium for a lower deductable, you can earn interest on the money but still have it available in case of a disaster.

Just like with anything, shopping around for a homeowner's insurance policy is a good idea. However, keep in mind that the lowest price may not always be the best deal. Be sure to compare the policies side by side and make sure that you are getting the coverage you need

An easy way to shop around for homeowners insurance is to use a website that allows you to fill out one form and get quotes from a number of companies. It's much easier than contacting each company seperately, and allows you to compare each policy side by side. This way you can be sure that you are getting the exact coverage that you need for the best price.

Check out the following site to compare policies and get the best homeowners insurance rates:

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