Money Saving Insurance Tips for Homeowners
October 14, 2006 by Karen Weideman
Filed under financial matters, money saving idea, saving money
Here are some insurance tips from one of my favorite financial advisors, Clark Howard. I especially like the tip about video taping your house and belongings. Great idea, Clark!
- Figure out what limits you want on your homeowners insurance, and what value you need to insure, then call several insurers for quotes.
- Sometimes you’ll get a better deal if you buy your homeowners and auto insurance from the same company.
- Make sure you get a quote for insurance that would pay to replace your belongings, rather than pay you based on their depreciated value.
- Update coverage for the value of your home and its contents, if needed, every five years.
- Raise your deductible to $1,000 or $2,500. You’ll pay less in premiums, but more importantly, you’ll reduce the risk that your insurer will cancel your coverage because you made too many claims.
- Ask your agent what documentation you need to substantiate a claim, in case of theft or fire. I think it’s easiest to videotape your house and describe your possessions. Don’t store the tape in your house.
- Carry enough liability coverage to protect you against a lawsuit if someone gets hurt on your property.
Check back tomorrow. I plan to have another 25 ways for you to save money.
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