This article covers Homeowners Insurance Calculator Monthly, Annual Home Insurance Calculator. Whether it’s getting rid of cable or opting to cook and eat at home on a consistent basis, homeowners across the nation are continually looking for ways to reduce their monthly expenses.
But when it comes to matters related to the home, many owners are leaving money on the table in the form of homeowners insurance.
Before you renew your current policy, here are some simple things you can do to help lower your monthly payments.
Shop Around. You can’t buy a home without purchasing insurance, but that doesn’t mean you’re stuck with the insurance provider you’re currently with. Make sure you compare different companies to find the best deal.
Don’t wait until the last minute because you don’t want to get stuck with a policy that’s expensive. Check consumer guides, ask friends and neighbors and search online insurance quote services, which will give you an idea of price ranges and tell you which companies have the lowest prices.
Bundle Your Insurance.Many insurance companies will offer discounts if you package multiple policies, such as your car, boat and home insurance. On average, one can save 5 to 15% off premiums if they purchase two or more policies together.
Safety First. Installing carbon monoxide detectors, smoke detectors and alarm systems can reduce your monthly bill, but you need to let your insurance agent know about any changes you make. Also, ask your insurance agent what steps you can take to make your home more resistant to natural disasters. You may be able to save on your premiums by adding storm shutters, reinforcing your roof or buying stronger roofing materials. Adding a new heating or cooling system or changing out the electrical wiring can also help lower payments.
Increase Your Deductible. Most homeowners prefer small deductibles, but in the long run, taking on more of the financial burden if something should happen to your house is a great way to reduce your monthly home insurance payment. By raising your deductible, your monthly costs can decrease as much as 5 to 10%.
Rethink Value. It’s not necessary to insure a house for the amount it was purchased for. Even if your house were to completely burn down, you’d still have the land, so consider that when deciding the total amount you need to insure. A good insurance agent will be able to help you calculate the proper replacement cost of the house and other items you wish to insure.
Homeowners may have to spread the costs of their home insurance and pay monthly but this can be a costly option.
Home InsuranceResearch by Homeinsurance.com shows that on average homeowners can pay almost 12% extra on top of their original home insurance premium just to spread the cost and pay monthly.
Shopping around though can help with the extra cost being reduced to just over 5% and in with some policies to 0%.
As Pete Harrison, insurance expert at Home Insurance Cost Calculator suggests: “Using a zero per cent purchase credit card to pay for home insurance allows people to spread the cost over monthly installments without accruing interest.”
But as he adds: “Credit card users need to be disciplined and look to pay off the balance within 12 months otherwise or before the promotional rate expires, whichever comes first, otherwise you may end up paying for insurance which is no longer valid and have to pay for a new policy as well.”
As well as shopping around, other ways to help save on your home insurance include ensuring you only buy the cover you really need. For example do you need accidental damage cover? If you think the answer is yes, is it still yes when you realize it can add up to 25% to your premium cost?
Also, think twice before making a claim or locating Annual Home Insurance Calculator. If you have a minor issue it may be better not to make a claim and instead protect your no claims discount.
Do you know the difference between a compulsory excess and a voluntary excess? Some insurance policies have a compulsory excess which must be paid. A voluntary excess only applies if you’ve added it to your policy. Voluntary excess can be used to help reduce the insurance premium. However, you need to be aware that in the event of a claim, the voluntary excess and the compulsory excess together can be expensive.
With help from Homeinsurance.com, other top tips on home insurance include:
Change the locks – If you’ve moved to a new home you never know who might still have a key. It is important to maintain locks. Five-lever mortise locks are recommended for external doors while windows should ideally have two bolt locks.
Install a good home security system – The NACOSS standard alarm can cut premiums with some companies by 7.5%.
Time-switch lights – Your home is more vulnerable to theft when you are not around and using time-switch lights will give the impression that you are at home.
If you are away – Remember to cancel newspaper and milk deliveries and ask someone you can trust to open and close the curtains and collect mail.
Keys – Don’t leave them in obvious places such as under a doormat. Also beware of ‘hook n crook’ thefts – where keys are left so close to a door that a burglar can simply hook them through a letterbox and open the door.
Install security lighting – illuminate your visitors for their safety as well as your own. Unwelcome visitors are less likely to loiter if they’re ‘in the spotlight’.
Join a neighborhood watch campaign – this can help to reduce your premium if you inform the home insurance company of your participation in a scheme. It can reduce your premiums by up to 5%.
Avoid frozen and burst pipes – If you think pipes are frozen, turn off water at the valve and header tank to cut down the water that can escape.
Look out for subsidence – One of the most common problems to affect the home but usually covered in your building insurance policy. Look to see the excess level on subsidence and if your garden walls are covered.
Fire – Fit a smoke alarm and take simple steps to avoid accidents. Most fires in the home are caused by smoking or cooking – don’t smoke in bed, don’t leave cigarettes lying around and don’t leave cooking unattended. Also close doors at night to contain fires, check the home is safe before going to bed and keep matches away from children.
MoneyHighStreet comments: “Whilst many are trying to save money, it is important to buy the home insurance cover you need. Don’t cut too much out or just opt for the cheapest price if as a result you end up with an inappropriate policy.
When assessing the policy you need, don’t forget to make sure your valuable collections are fully covered and indeed if you have recently inherited anything that these items are valued and included too.
It's hard enough reconciling yourself to the reality of paying the monthly principal and interest on a new home mortgage. When you realize all the expenses that will be added to that price tag, it can be a real shocker.
Bottom line: prepare yourself. Home ownership costs are bearable -- people pay them every day -- as long as you know what's coming. You may even want to scale back the size of the home you're looking for in order to bring the whole package in line with your budget.
Here's a list of potential monthly fees and expenses you'll encounter:
Home Insurance calculator. They won't let you complete the home-buying deal without it, so shop wisely. Homeowner's insurance, also referred to sometimes as "hazard insurance" on mortgage documents, provides basic protection against fire and theft. It does not generally cover flood damage; flood insurance is an entirely separate entity that you will be required to purchase if you live in a flood-prone area. HINT: Consider bundling your homeowner's insurance with your auto insurance to get a bargain price.
Property taxes. You can't avoid these either, but consider them a good thing: pay them, and the fire department will come when you call. Depending on where you live, you may be responsible for both city and county property taxes; call your county property assessor's office to be sure. Local tax rates vary, but your home is typically taxed on its assessed value, an amount equal to a fraction of its appraised value, which is the number you're probably familiar with from the loan-securing process. Taxes can add hundreds of dollars to your monthly payment, and the figures on your good faith estimate may not be accurate, so find out the final number before you sign the dotted line.
Private mortgage insurance (PMI). If your down payment is less than 20 percent of the mortgage value, you may have to foot the bill for PMI, which protects the lender against your defaulting on the loan. This can tack on as much as a couple hundred dollars per month, depending on the size of your loan.
Homeowner's association fees. If you're buying into a subdivision or a condominium community, you may have to pay for the monthly upkeep of common areas and other shared expenses. Some HOA fees are paid yearly and are quite inexpensive; on the other hand, some Manhattan co-op fees run to four figures per month. Some states allow associations to foreclose on homes with unpaid fees, so don't treat them as optional. Find out if your state imposes limits on HOA power, including how much fees can increase per year.
Utilities. If you're moving from an apartment to a home for the first time, know that the increase in square footage (not to mention water for a newly sodded yard) can pack a real punch in the form of a huge utility bill. Plan to implement some energy conservation measures, like light-blocking blinds and compact fluorescent light bulbs, to offset the tab.
Maintenance. This won't show up in your mortgage payment, but it's no less real an expense. Be sure you have some monthly budget set aside for repairs and upkeep, whether for small do-it-yourself things like replacing floodlight bulbs or the inevitably serious issues that crop up from time to time (sure, the fridge looks fine today, but all appliances have life spans).
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