Tips For Lowering Your Homeowners Insurance In Scranton PA
When buying a home, many people forget to factor in the cost of Homeowners Insurance in Scranton PA when determining whether or not they can afford a particular home. In fact, many people are shocked when they find out how much their house insurance is going to be because it is an unexpected bill. If you’ve found yourself in a situation where it seems like your insurance rates are more than you can afford to pay, you should know that there are several things that you can do to lower your mortgage insurance.
One easy way to decrease your insurance rates is by increasing your deductible. A deductible is simply the amount of money that your insurance company requires you to pay before they will cover the cost of damage to your home. When writing an insurance policy, most insurance companies automatically set mortgage insurance deductibles at $500. However, if you increase your deductible to $1,000 you could lower your insurance rates by about twenty-five percent. Of course, if you can afford to pay a higher deductible, you can save more by increasing it beyond $1,000.
Another way to lower your Homeowners Insurance in Scranton PA is to combine your home and auto insurance policies together. By doing this, you could decrease your insurance premiums by up to ten percent. Increasing the amount of security that your home has can also lower your insurance premiums. For example, if you install smoke detectors throughout your home, your insurance company will likely lower your rates by about five percent. If you install a security system in your home, you may be able to save an additional ten percent, too.
Many people are also able to lower the cost of their homeowners insurance by decreasing the amount of coverage that they have. Keep in mind that most mortgage companies require you to have at least enough coverage to pay off your mortgage loan, if your home is ever destroyed. However, if your home is paid for, decreasing your coverage could cut your rates in half. If you need help lowering your insurance rates, you should contact Florey Insurance Agency of Scranton PA today. They will be able to provide you with a quick quote and help you find discounts that will make your mortgage insurance more affordable.