3 Ways to Lower Homeowners Insurance

Q: When I was saving and planning for our first home, I overlooked the insurance cost. Now with principal, interest and property tax payments, our family is stretched thin financially. How can we lower our homeowner’s insurance cost? (3 ways to lower your homeowner’s insurance): 3 Ways To Lower Homeowner’s Insurance-Gerald Lucas reveals Shaun, Boise, Idaho

A: Great question, Shaun. I’m going to give you 3 tips for lowering your homeowner’s insurance: 1) Shop around, don’t just take the first quote that you get. It’s better to use a broker or agent who can search for the cheapest policy out there. 2) Make sure you’re not over insured. Being under insured can be dangerous if your property is damaged and you have to file an insurance claim, but when you’re over-insured you’re just pouring money down the drain because in case of a claim you’ll only be reimbursed for the loss. 3) Consider changing your deductible amount: A deductible is the amount of money you have to pay before your insurance policy kicks in and pays your claim. The lower your deductible is, the higher your insurance premium typically is. If you can afford to raise your deductible, you could save on your insurance premium-in some cases 25% or more. Thanks for your question, Shaun. Good luck. For more real estate tips and for information on my real estate coaching program, visit performanceproperty.com. I’m Gerald Lucas and I’ll see you again soon.