Getting Home and Auto Insurance from the Same Provider

Purchasing your home and auto insurance through the same provider could be a way to save money. This is good news, because most people who purchase a home already have cars as well.

First, let me start by explaining the need for (and the importance of) a home insurance policy. The primary benefit of homeowners coverage is the protection you get for your house and the contents within it.

But there's another big reason to start shopping for insurance early on -- you won't be able to buy the home without it. Nearly all mortgage lenders will require that you have homeowners coverage before the closing process. In fact, you'll probably have to submit a copy of your policy to them before settlement day.

So the next question is, where should I go to get insurance quotes on a homeowners policy? The Internet has certainly made this process a lot easier. These days, you can get online quotes for home and auto insurance coverage, which saves you a lot of time and energy. For example, you can use the box at the top of this blog to get policy quotes through InsureMe.com.

Multiple Policies for Home and Auto

Getting a quote through your current insurance company is another great idea, and that's the whole point of today's lesson. There's certainly nothing wrong with starting online for policy quotes, but you should also find out if your current provider offers discounts for home and auto insurance -- i.e., a multiple policy discount.

Of course, this will depend on which company you're using for auto insurance. If you're with a major company such as Farmers, then you'll be able to get both home and auto insurance coverage them (and you might save money by doing so). But if you car is insured through. But if you're with a company that only offers auto insurance, you'll have to go elsewhere to get quotes on a homeowners policy.

Here's what I recommend:

• If you currently have auto coverage, and you're in the process of buying a home, contact your car insurance company for a quote on the homeowners policy.
• You will need to provide the company with basic information about the home you need to insure, in order to get a quote. So you can only do this when you have an offer down on a house.
• Next, get some online quotes for home insurance like we talked about earlier. This will allow you to compare offers between your current company and others.
• If you're current provider offers multiple policy discounts for home and auto insurance coverage, there's a very good chance their offer will be lower than others. In that case, you're all set!
• Lastly, once your choose an insurer, you'll need to determine how much deductible you want on your homeowners policy, how much coverage you need, etc. This blog offers advice on these subjects as well.

Getting auto and home insurance through the same company is often a good way to get discounts on one or more policies. But you'll have to do some homework to find out if it's going to work for you. Get a quote for homeowners coverage through your auto insurance provider, and then get some additional quotes online. Compare the different offers for cost versus coverage, and pick the one that suits you the best.

Yes, it really is that easy. Purchasing home and auto coverage is a fairly straightforward process, and the whole process can be done within a day or two. I hope this lesson helps you get the right kind of coverage. Good luck!

Your Homeowners Insurance Deductible Amount

How much of a homeowners insurance deductible do you need on your policy? What's the relationship between the premium and the deductible? Should you increase the deductible to lower your monthly payments, or is that risky?

These are some of the most common questions homeowners have on the subject of home insurance. It's easy to understand why, because this policy is going to cover one of your most prized possessions. So you want to ensure you have the right kind of coverage. At the same time, you don't want to overpay for your homeowners insurance, through the deductible or the premium.

What to Know About Insurance Deductibles

Here's what you need to know about homeowners insurance deductibles and how they affect you. These are just some of the basic facts on this subject. Later, I'll give you may own recommendation on how to handle deductibles, premiums, and other aspects of your home insurance policy. Let's start with some basic terminology, for those who are new to this subject:

• The deductible is the amount you pay in the event of a claim, before the insurer will make any payments. For example, if you make a claim on your homeowners insurance policy to cover fire damage, and your deductible is $1,000, you must pay that $1,000 before your insurer will pay the rest.
• The premium is what you pay each month for your policy coverage.
• In most cases, these two components (the deductible and the premium) have an inverse relationship. In other words, when you raise your insurance deductible it lowers your monthly premium.
• Most insurance companies these days suggest a minimum deductible of $500 for home insurance policies.
  
• By increasing the deductible (the amount you would pay toward a loss), you could save money on the premium you pay each month.
  

This last point is where there's a difference of opinion among real estate and insurance experts. However, most people seem to recommend increasing the homeowners insurance deductible amount in order to lower your monthly premium. The logic is that you know you'll have to pay the premium each month, but there's only a small chance you'll ever have to pay the deductible (in the event of fire, flooding, theft, etc.).

Clark Howard, America's "money saving expert," recommends that you raise your home insurance deductible to $1,000 or $2,500. There many other people who suggest the same thing, and I fall into this camp as well.

It's also worth noting that you may have other deductibles on your policy, depending on where you live. You might have a separate deductible for living in an earthquake-prone area, for example, or a place that gets a lot of wind damage from hurricanes. You'll have to ask your insurance provider about these.

I hope this article helps you understand the relationship between homeowners insurance deductibles and premiums. If you'd like to get a quote for such a policy, use the box provided at the top of this website.

Get a Homeowners Insurance Quote Online

If you are a new or soon-to-be homeowner and you have questions about insuring your home, you have come to the right place. As a service of the Home Buying Institute, this educational website provides the information and resources you need to make smart decisions about your homeowner insurance policy.

What kind of insurance do you need? How do you request a quote? Can you save money in the process without sacrificing insurance coverage? Throughout this website, we have provided answers to these home insurance questions and more.

Insurance Requirements for Home Buyers

When you buy a home, your mortgage lender will most likely require that you have home insurance prior to your closing / settlement day. In fact, most lenders want to see proof of payment for a full year of the home insurance policy. This only makes sense, because the lender has a large financial stake in the home you are buying.

But what if you are buying the home outright, without the need of a mortgage payment? Do you still need homeowners insurance on the property? The answer is a resounding yes! You should always have insurance on a home you own. In fact, we can think of no situation where it makes sense to pass up insurance.

Getting Insurance Quotes Online

Purchasing homeowners insurance a pretty straightforward process. You would start by determining how much coverage you need, choosing your deductible, and then purchasing the policy. It's not much more complicated than that. The Internet also makes the process a lot easier for you. In particular, the Internet allows you to get online quotes for homeowners insurance, quickly and easily. It saves you time and energy, and lets you compare offers from multiple insurance companies at once.

A lot of well known, big-name companies offer online quotes. That's another benefit of using the Internet. It gives you easy access to a variety of insurance providers. For example, by using the "Get a Quote" box at the top of this blog, you can get homeowners insurance quotes from such familiar names as Farmers, Nationwide and Allstate. To get started, just select "home" for the insurance type, enter your zip code, and then click the "Get Quote" button.