Numbers to Know: Compare Home Insurance to Get the Best Value
Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about How to Compare Homeowners Insurance Rates and Save and other Home Insurance topics.
How can I get the best value for homeowner insurance?
Learn how to compare home insurance rates, quotes and coverage to get the best value for your money. If you are like most Americans, every penny counts. In fact, if you manage to save just $100 off your homeowners insurance rate, it is actually like making $125 to $160 depending upon what tax bracket and state you are in. Rather than working harder, it's a lot easier to simply shop smarter to start saving big bucks on the cost of homeowner insurance.
- Compare Deductibles and Cap Rates. Less expensive coverage often is due to higher deductibles or lower cap rates. Deductibles are the amount of money you will pay out of pocket in the event of a claim and cap rates are the maximum amount of coverage associated with the policy. Always be sure you can afford to pay the difference between the policy limits and your out-of-pocket expenses in the event of a claim.
- Compare Discounts. When shopping for online insurance quotes, it's a good idea to ask about discounts including multi-policy, safety features and other provisions that can substantially reduce the total cost of insurance by as much as 25 percent.
- Compare Satisfaction Ratings. Not all insurance companies are equal, so take the time to view the complaint and satisfaction ratings from providers in your state prior to making a final decision. Remember, price alone isn't sufficient reason to select one provider above another; be sure the company will come through when you need help.