An easy way to save money on your policy is to look for discounts you qualify for. Many providers offer discounts for remaining claims-free, installing protective devices, and even upgrading your roof. Reach out to your provider to see if you qualify for additional discounts.
No, home insurance rates aren’t negotiable. However, different providers use different underwriting methods and may quote more or less for the same policy. Its smart to shop around and gather quotes from at least three providers.
The 80% rule refers to a policy where your home insurer will only cover damage to your property if you have coverage equal to at least 80% of your home’s replacement value. The replacement value of your home is the amount it would cost to rebuild, not the amount it is worth on the real estate market.
Your home insurance rates may increase after you’ve filed a claim or made significant home improvements (because your home may be worth more post-renovation). You might also see rates go up if there’s an uptick in natural disasters, such as windstorms, wildfires or hurricanes, in your area.
