It can be challenging for homeowners to keep up with all of their payments. If you’re still stuck paying mortgage and utilities, you might be struggling to pay for insurance as well. In general, homeowners have something like an HO-3 policy, which offers a range of coverage. Much of what you’ll have to pay depends on factors like your location, threats in your area, quality of home, etc. The most affordable home insurance is obviously going to vary from one state to the next. In some cases, the cost can even be significantly different from neighborhood to neighborhood.
The deductible obviously should be considered as well. For some homeowners, a percentage-based deductible makes sense. If you have an expensive home and know that you won’t be able to afford high premiums on it, and know that you’ll be able to at least be able to cover some of the repairs out of pocket. It will help to invest in weatherproof reinforcements as well as a fire protection system. That way, your house will be as fortified as possible and won’t be likely to ever be entirely destroyed.
The typical homeowners insurance policy covers a few different categories: the house itself, the belongings on the property, and personal liability should anyone become injured on the property. Earthquakes and floods are sometimes excluded from the most affordable home insurance. If you live in an area that is commonly exposed to earthquakes and/or floods, you really might want to try getting that coverage just in case.
Most Affordable Home Insurance With Previous Claims
If you’ve made some claims in the past, you might be considered a “higher-risk” to insure, and will likely be charged higher premiums. One strategy to bring down the cost is to opt for a higher deductible and stop making claims on smaller losses. Cheaper coverage could be well0worth forgoing the ability to make small claims on less-expensive items.
Personal belongings coverage includes most of the item inside the home, as well as other structures on the property. You might be required to have a list of all of your personal belongings. You don’t want to file for a claim after the interior is badly damaged, only to realize that some of your expensive belongings are not covered. After you’ve taken inventory of everything, make a digital copy of it, as well as a hard copy at an off-site location.
What is the most affordable home insurance for you? Are you eligible for any discounts? One company you might want to start with is Lemonade Insurance, with rates as low as $25 a month. Find out if it’s available in your area.