Buying homeowners insurance in Maryland can be expensive … unless you know what to do and where to go to get discount rates. Here are four tips that will help you save big bucks on your homeowners insurance.
Maryland Homeowners Insurance
Homeowners insurance is a necessity if you want to insure that your house and your belongings are safe from fire, theft, vandalism, and weather damage. Homeowners insurance not only protects your home and your personal property, it also protects you from lawsuits when people hurt themselves in your home.
1. Insure your home, not your land . When you buy a home your mortgage company probably based your homeowners insurance on the appraised value of your home. Appraisals include the value of your land, which you do not need to insure.
To get the amount of homeowners insurance you need, ask a local builder how much it would cost to rebuild it and use that figure.
2. Get the highest deductible you can afford . For instance, raising your deductible from $ 250 to $ 1,000 will save you up to 25% on your annual premium. Raising your deductible also prevents you from filing excessive claims which can cause your insurance company to cancel your policy.
3. Combine you home and auto insurance. Purchasing your home and your auto insurance with the same company can save you as much as 15% on your yearly premium.
4. Install Safety and Security Features. Installing fire alarms, burglar alarms, sprinkler systems, dead bolts, window locks, and fire extinguishers not only gives you a big discount on your insurance, it also gives you peace of mind.
The Biggest Money Saver
Homeowners insurance can vary by $ 1,000 or more from one insurance company to the next, so the best way to save the most amount of money on your insurance is to compare rates from different companies.
The simplest way to do that is to go to an insurance comparison website where you can get rate quotes from a number of insurance companies. A few of these sites even offer an online chat feature and a toll-free telephone service where you can get advice from an insurance expert. (See links below.)