Several insurance companies give discounts to groups and associations. Check with any association or group you are part of. You might already have discounts that have been arranged for you. But bear in mind that you could pay less with another insurer despite the markdowns given to your association depending on your personal coverage needs and profile. The only way you can tell for sure which is better for you is by getting and evaluating quotes from as many different insurance companies as make sense. You discover the overall best price/value that way.
I first called around for the cheapest home insurance quote. Granted, you may already have a very low premium, but I went from paying close to $800 a year down to just over $300 for the same coverage with a different company. I was now saving myself $41 a month in home insurance. You may be thinking, “Big deal, $41 – that’s not going to get me out of debt.” Hold on though, we’re just getting started.
Be sure to look at the price difference when you change your deductible amount. Generally, the higher the deductible the lower your monthly payment will be. And be sure to ask if the company has any discounts that may be available to you. With most companies today, you can combine your auto, life and homeowners insurance into one bill and you can save quite a but of money doing this.
C.Are you prepared to run a business? Owning real estate (unless it’s your personal residence) requires you to run a business that you may not consider a valuable use of your time.
If the property you plan to purchase is within a flood zone, you can purchase National Flood Insurance through a ThatchedInsure agent. If the property is located in a flood plain, flood insurance is required when you obtain a mortgage. Flood insurance is available on homes, condos, and mobile homes and most enclosed buildings.
There are states that initially provide the insurance policies at a cheap rate because of the possibility of flooding in the area and the homeowner really has no choice because flooding is a tragedy that one cannot avoid.
Did you know that if the seller lives out of state and he breaches the contract, that you can file a lawsuit in the county and state you dwell in but you would have to transfer the lawsuit to the state the seller resides in because you have to file a lawsuit in the sellers domain, and this can be very costly.
*Disclaimer: This information and the corresponding websites do not constitute professional services, including, but not limited to investment advice. Please consult a finance and/or investment professional for services and advice.
Upgrading your plumbing is an important step against water damages. The fact that the predominant claim on a homeowner’s insurance policy is water damage should reveal a truth to you. Therefore, taking steps that reduce your risk of water damage will reduce your home insurance premium. Be sure to inform your agent as soon as you improve you plumbing system.