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"Anchorage Mortgage.com suggests that you do the 12 following things when looking at mortgage insurance.
1. Shop Around – Get a range of prices from several companies, but look at more than price. Look at service as well. While quality service may cost a bit more the insurer you choose should offer a fair price AND good service.
2. Raise the Deductible – Your deductible is the amount of money you pay toward a loss before the insurance company starts to pay. If you raise your deductible you will save money on the policy.
3. Get Your Home and Auto Policies From the Same Insurer – Often times companies who sell auto and home insurance will offer you up to a 15% discount if you choose to get both through them.
4. How Much Will Insuring It Cost – Although it may seem obvious, look at how much insuring your home should costs. You may receive a discount of up to 15% if your home is new because it’s electrical, heating, and plumbing systems will be in better shape than an older house. You also want to look at what the materials of your home are. On the East coast brick is the better material choice because it is resistant to wind damage, whereas on the West coast frame is better because it is resistant to earthquake damage.
5. Don’t Insure the Land – No one can steal your land, it cannot be damaged by windstorms, fire or other natural disasters so why pay to insure what is indestructible? If you insure your land you will pay much more than you should.
6. Improve the Security and Safety of Your Home – You can get discounts of at least 5% for having a smoke detector, burglar alarm, or dead bolt locks. The more sophisticated your safety and security systems, the more you can shave off your insurance policy.
7. Quit Smoking – Smoking is the cause of more than 23,000 residential fires every year so some insurers will reduce your premium if the residents of the house don’t smoke.
8. Look for Senior Discounts – Retired people stay at home more and spot fires sooner than working people and also have more time to maintain their homes so if you’re 55+ and are retired you probably qualify for a discount off your homeowners insurance.
9. Look Into Group Coverage – Alumni and business associations often have insurance packages which offer discounts for members. Ask your association’s director if any such programs are applicable for you.
10. Stay With an Insurer – If you have held coverage with one company for several years you can receive up to a 10% discount.
11. Look at the Limits in Your Policy as Compared With Your Possessions Once a Year – Make sure your policy covers any major purchases or additions you have made to your home, but be sure you don’t have coverage that you do not need.
12. Look at Private Insurance – If you live in a high risk area and have homeowners insurance through a government plan you may find that taking certain steps can allow you to purchase private insurance at a lower price.
More Anchorage Mortgage.com Insurance Information:
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