Save money homeowners insurance

The market value of my home has dropped in the past few years. I can save money by reducing my homeowners insurance?

No. You should not reduce your house insurance, just because prices have fallen amount. This is because the cuts you can make your insurance coverage with an insufficient amount in the event of a disaster.

Your home, its insurance value, because they are based on different assumptions and calculations can be very different from the market value. Insurance value is based on its cost, the reconstruction of the house – not what you pay for it. Although house prices have fallen, the cost of rebuilding at all. (On the other hand, taking into account the sales price of land, where i sn’t value is recognized in the insured value; land still valuable, even if your house burned down)

In order to calculate how likely according to the size necessary to rebuild your home, building materials, and any special features, try AccuCoverage calculator .COM. For $ 7.95, you’ll get from the Marshall and Swift / Boeckh, which provides an estimated construction cost of your home insurance insured value of the direct estimation. This is also re-run the numbers, after you have a big improvement in housing, if you need to increase your coverage to inform your insurance company is a good idea. Generally improves your insurance limits by tens of thousands of dollars without making premiums through the roof (please refer to upgrade your insurance needs more information about your home insurance calculation).

Save on your homeowners insurance, however, you can increase your deductible. From $ 500 to $ 1,000 increase your deduction may be reduced up to 25% premium. And increase your deductibles encourage you to apply for small claims could endanger the free-claims discount your insurance company or let you down by your insurance company a total of (increase your emergency fund, to make sure you have enough money to pay arrived buckle). See cut their insurance costs as a strategy to help you save money all kinds of insurance.