YOU ASK:

How can I find low-cost home insurance?

WE ANSWER:

The key to finding low-cost home insurance, is to shop around. You can do this yourself or ask a professional home insurance agent to help you. However, don't let yourself fall in the trap of home insurance providers who offer homeowners policies at unrealistically low costs.

With home insurance prices being considered relatively affordable (around $700 a year on average), especially when compared to other types of insurance, homeowners policy buyers usually focus on finding the policy that provides the best coverage possible, or the least gaps. While you should make sure that the home insurance policy covers the specific risks your home is exposed to, there are some tips you can use to lower your premiums further.

Tips for Finding Low-Cost Home Insurance

  • Get home insurance quotes offered by various insurers. An easy (and free!) way to do this is by filling in a home insurance form offered by many specialized websites. These websites generate multiple personalized quotes and make it extremely easy for you to compare their different aspects. Alternatively, you can contact an independent agent specializing in home insurance, who will do the job for you and spare you all the hassle of having to compare quotes yourself. However, don't forget that you will have to pay the agent for their services.
  • Narrow down your search by eliminating the offers that are too cheap and those that are too expensive. Focus on the ones which are in the middle of the price spectrum and compare the coverages they offer, their exclusions and the available endorsements.
  • Pick the home insurance policies which are best suited to your specific situation. If a cause-of-loss you fear your home is exposed to, is excluded from the policy, choose the policy containing it, or check if there is a way to add this specific cause-of-loss.
  • Use all the discounts that may apply to you and raise your deductible.
  • Once you have purchased a home insurance policy, review it every few years and try not to file minor claims unless it is absolutely necessary.
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