COST-SAVING TIPS ON HOMEOWNER'S INSURANCE:
1. Consider taking out a policty with a higher deductible. The change in your montly premium can be substantial.
2. Insure the house, not the land. Even with a disaster, your land is still there. The exceptions might be if you live next to an eroding river or oceanfront that actually has the potential to erode the very land away (not just change its configuration).
3. Don't wait until a loss before you find out if you have the right amount and right type of insurance.
4. Make sure your policy has enough coverage to replace what is insured. Replacement coverage gives you the monies to rebuild your home and replace the contents.. An "Actual Cash Value policy is cheaper but pays only what the properties are worth at the time of the loss and subtracts depreciation.
5. Ask about special coverage you might need. You may have special items that are of high value (e.g., antiques, family heirlooms, special equipment).
6. If you are a renter, do not assume that the property owner has insurance that covers you.
7. It is important to remember that flood and earthquake damage are not covered by a standard policy. The cost of separate flood insurance is based on your areas liklihood of floods and so is the cost of earthquake coverage.
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