How to Save Money on Your Homeowner’s Insurance Policy

Homeowner's insurance can be pricey, but it is a necessary evil if you are paying a mortgage on your home. By following a few simple tips, you can save money on your homeowner's insurance policy and move closer to never having to miss a payment.

The first thing you should do is increase your deductible. While most insurance experts recommend that you have a $500 deductible, you may save 25% on your premium by raising the deductible to $1,000.

Many insurance companies provide discounts for homeowners who implement additional safety and security features in their home. This includes installing an alarm, deadbolts, or even window locks. In some cases, your premium may be reduced by as much as 20%.

You may want to consider starting a home improvement project, if it is within your budget. By upgrading your home's heating, electrical, and plumbing systems, you can save on your monthly insurance bill.

Take a look at your insurance policy. Is there any coverage that you no longer need? While it is important to have coverage for major possessions, you may be wasting money on excessive coverage. Appliance, electronics, and other possessions may lose their value over time, so you should compare the amount of their actual value with the limits of your policy. 

Browse our library to learn more about homeowner's insurance policy lapses.

Avoiding a lapsed homeowner's insurance policy can help you avoid having a forced place insurance policy placed on your home. Premiums for forced place insurance tend to be incredibly expensive in relation to insurance that you can buy locally from an agent. However, if one was placed on your home unfairly by your lender or mortgage company, you should speak with an experienced Massachusetts consumer rights attorney regarding the possibility of filing a class action lawsuit.

A class action case may cause the lender to stop their deceptive insurance practices and may allow you to receive compensation for your trouble. Contact the Massachusetts class action lawsuit lawyers at Phillips & Garcia P.C. today for more information regarding your case -- (877) 892-5620.