Shopping for policy every three years, not insuring mortgage balance among ways to reduce premiums.
Beacon Journal:
If you’re a homeowner or real estate investor who would like to save money, a good place to start is with your insurance coverage. Most property owners leave it up to their insurance agents to obtain the right insurance coverage at a reasonable cost. But that can be a costly mistake. Understanding property insurance coverage and how to save premium costs can pay off with major savings.
* Don’t insure the mortgage balance;
* Shop for property insurance every 3 years;
* Raise your umbrella and lower your liability insurance;
* Don’t make small insurance claims;
Another way to save on your homeowner’s insurance is to insure for the depreciated value of personal property - That means when an insured loss occurs, such as due to fire, theft or accident, the insurer won’t pay the full replacement cost.
Carrying actual cash value rather than replacement-cost insurance is a controversial way to save on insurance premiums. However, if you can afford to pay for personal property replacement, why not save?
More here.
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