To find affordable home insurance, compare the coverage types, monthly or annual premiums and customer satisfaction reviews of at least three home insurance providers, advises U.S. News & World Report. If possible, purchase additional insurance coverage, such as auto or motorcycle insurance, from an insurance provider that offers multiple policy discounts, suggests Investopedia.
When looking for affordable home insurance, compare the policy details such as deductibles, personal property and liability coverage, along with sub-limits and limits, recommends U.S. News & World Report. Deductible refers to the amount homeowners must pay before the insurance provider pays the on a claim. Personal property coverage protects items inside the home, such as electronics, jewelry and furniture. Liability coverage pays medical and legal expenses if a person suffers an injury on the property. Sub-limits include the minimum coverage amounts an insurance provider must pay, while limits include the maximum coverage amounts.
Some ways to reduce home insurance premiums include having a higher deductible, paying off the mortgage and installing a home security system, states Investopedia. Notify home insurance providers when changes in the current policy occur, as this may result in lower insurance premiums. In addition, periodically compare home insurance policy rates to find a more affordable policy.