It is tempting to cut bills by reducing a homeowners insurance premium a little. It is possible to do that without sacrificing great coverage, but consider your coverage first. Some things make sense to change, and some just don’t.

For instance, you most certainly want to cover the replacement value of your property. You expensive TV may not fetch more than $100 at a garage sale. That garage sale price will be closer to an appraised value even if you cannot replace the set for five times that much. So, if you do suffer property theft or damage, and you don’t want to replace your goods at a yard sale, keep replacement value coverage.

The same logic applies to covering your home. It will probably cost you much more to rebuild your home than it did to buy it, especially if your house is a few years old. If your home is damaged, and needs to be replaced or rebuilt, make sure you don’t have to add another mortgage over the top of the one you are already paying!

Last, consider relocation or temporary housing. If you need to find a temporary apartment or hotel room while your home is being worked on, it will be very comforting to know those bills are going right to the insurance company!

If you do want to save some money on homeowners insurance, consider raising your deductible. The premium savings on a $1,000 deductible vs. a $500 deductible will cover that deductible very quickly! Raise your deductible and try to bank as much of the difference in price as you can.

And last, of course you want to compare homeowners insurance online with our fast, free, and better business bureau approved quoting system!

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