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Homeowner Insurance Costs II
When buying a home, one of the mandatory things you will need to do is purchase homeowners insurance. You will be amazed at the different aspects and costs, which is why shopping around for the best deal is so crucial. After all, this will be a part of your house payment so securing the best price is very important.

First, if you have a friend or family member that has recently purchased a home, then chances are they will be able to make a recommendation. However, if not then you can check your local yellow pages or contact your state insurance department or the National Association of Insurance Commissioners for assistance.

The goal is to find a company that will provide you with quality coverage at a fair price. You want a company that will be there for you should you ever have an insurance claim, walking you through the process. To get all of this from one company, you can check with your local Better Business Bureau to see if the company you are interested in has any present or past, unresolved complaints.

Once you have selected the company to handle your homeowners insurance, you can save money by increasing your deductible. Keep in mind that the higher the deductible, the more money you will save on your premium. The standard deductible is around $500 but if you can raise that to $1,000 or more, then you will save a minimum of 25% off the premium.

Now the important thing to remember is that if you live in an area considered “disaster prone”, then you might need to pay an additional deductible for types of damage associated with that area. For example, if you live in an area that is prone to flood or windstorms, then you can expect to have to pay a deductible for hail, wind, or water damage, depending on the situation.

Now keep in mind that your home and the land on which it resides are very different. In other words, if you live in an area that is prone to flooding, when you buy insurance to provide flood protection, it covers your house and personal belongings, not the land itself. Therefore, when shopping around and trying to secure quotes, you should not include the value of the land in the number given to the insurance company.

Finally, if you buy your homeowners insurance from the same company where you insure your car, your boat, or other property, you will probably be able to enjoy a discount up to 15%. Most insurance companies welcome your business and therefore, are willing to give you the best price for all your business.
 
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