While researching home and property insurance companies, you should always focus on several factors and not just price. Even if you’re looking for “cheap home insurance,” don’t settle for the lowest rate, as you may end up paying more in the long run. Also take into account the deductible and the value of the house. The ideal company should combine good customer service with lower premiums and extensive coverage.
Don’t think that homeowners insurance is just a bill you have to pay — it’s meant to protect your family’s most important asset. If you need to file a claim, the process should be as easy and quick as possible. You already have enough stress when something happens to your house, so you don’t need the extra stress from your insurance company giving you a hard time and withholding your money.
Obviously, homeowners insurance rates will vary widely depending on your geographic location and average weather. You may also have trouble finding cheap home insurance if you live in an area with a high crime rate. One possible way to save is to invest in some security features. Check with any company you are considering to see what types of discounts they offer for particular types of security equipment.
Cheap home insurance with flood cover
Flood insurance is usually not included in general home insurance policies, but you should still consider it if you live near a body of water. If you live in what the bank considers a “Flood Zone,” you may be required to have flood insurance in order to qualify for a mortgage loan. If you live in a state where a hurricane, tornado, or earthquake could strike at any time, a bank may also ask you to get that relevant coverage. You may still be able to get cheap home insurance even with those coverage types if you have good credit and qualify for discounts.
As for the deductible, avoid the lowest level if possible. Go up a level or two if you want some discounts on the premium. This will prove to the insurance company that you take your finances seriously and that you are a responsible person.
There is no rule that says you have to go the traditional way when selecting cheap home insurance† For example, Lemonade Insurance offers a “peer-to-peer” insurance solution, which means that customers pay their premiums in a large “common pot” and the claims are processed quickly and covered by the money in that pot. Check if it is available in your country and consider if it is the right solution for you.