The Kentucky Office of Insurance is a great resource for anyone in the state looking for homeowner’s insurance. Although this office doesn’t offer recommendations regarding which agent or company to deal with, they are able to verify if a company is licensed to sell homeowner’s insurance in the state. This is important as purchasing a policy for a non-licensed company can lead to many headaches including having trouble when it comes time to make a claim.
When you are looking for a low cost homeowner’s insurance policy it’s imperative that you seek out quotes from several different companies. You’ll need to supply some basic information including the location of the home, its age and your personal information. Any perspective insurance company will likely check your history to see if you’ve had any claims against former homeowner’s insurance companies. If you have you can expect your rates to be higher.
Asking for a higher deductible should be something you do with each company you contact. Most will have a preset deductible that will be below $500. If you ask for a higher deductible the cost of the premium will be lower. If you don’t anticipate making any claims in the near future, this is a great way to save money. Even raising the deductible to $1,000 or $2,000 can have a huge impact on your bottom line cost.
Be certain that when you calculate the cost of replacing your home that you don’t factor in the price of the land. This is a common mistake that many homeowners make and it results in them spending more on premiums than they need to. Only insure the home and any other buildings on the property, such as a garage. This will help you enjoy all the coverage you need at the lowest cost.