Shopping for Homeowners Insurance

You are officially a grown up when you have a mortgage and have to shop for homeowners insurance. But there are some simple things you can do to make sure you are getting the best rate.

There is no rule for how often you can change insurance companies. I shop for new rates once every two years to ensure that we are getting the best deal out there. June is my month to shop around again.

First make sure you have all the necessary info on hand. This will make all those phone calls a little less daunting. You will probably need:

* The year your home was built.
* Square footage.
* Roof type and age.
* Age of electrical and plumbing systems.
* Number of claims you have filed over the last 5 years. If you have any, make sure you have dates and what the claim was for.

Consider your deductible. Most deductibles start at $500 with a lower rate being given the higher your deductible is. Most companies will offer a deductible up to $10,000 but most lenders will not let you go higher than $1,000. Check with your lender and go from there.

Carefully consider how much insurance you need. You can insure your home for 100% of the value, however in 4 years that amount may not replace your home. You have to account for inflation and material increases. While you will pay more for more coverage, a 200% reimbursment will double your payout and a higher deductible can offset this amount.

Make sure you ask about all discounts. If you have an alarm installed that links to a company such as ADT, most companies will offer you a 10% discount. Also many companies offer a discount if you are over the age of 50. And of course you will get the biggest discount for bundling all your insurance with one company. When shopping around, consider moving your auto and life insurance also to get the biggest savings.

Finally, when you shop for Tennessee home insurance consider a web site that allows you to request rates from multiple companies. Taking out most of the leg work can save you time and headaches, which is often another huge savings in itself.

About Rachel

Rachel Akers writes about crafts, recipes, and features the adventures of a family of 4. It is always crazy but I wouldn't change it for the world! Comments or questions? Talk to me on Facebook or Twitter or sign up for our RSS feed to have future articles delivered to your feed reader.