Thrifty Mommy

Money Saving Insurance Tips for Homeowners

by Karen on October 14th, 2006

Here are some insurance tips from one of my favorite financial advisors, Clark Howard.  I especially like the tip about video taping your house and belongings.  Great idea, Clark!

• Figure out what limits you want on your homeowners insurance, and what value you need to insure, then call several insurers for quotes.
• Sometimes you’ll get a better deal if you buy your homeowners and auto insurance from the same company.
• Make sure you get a quote for insurance that would pay to replace your belongings, rather than pay you based on their depreciated value.
• Update coverage for the value of your home and its contents, if needed, every five years.
• Raise your deductible to $1,000 or $2,500. You’ll pay less in premiums, but more importantly, you’ll reduce the risk that your insurer will cancel your coverage because you made too many claims.
• Ask your agent what documentation you need to substantiate a claim, in case of theft or fire. I think it’s easiest to videotape your house and describe your possessions. Don’t store the tape in your house.
• Carry enough liability coverage to protect you against a lawsuit if someone gets hurt on your property.

Article from Clark Howard. 

Check back tomorrow.  I plan to have another 25 ways for you to save money.

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