Getting the Best Deal on Your San Clemente Homeowners Insurance Policy
This article on CNN outlines great ways to obtain the best deal on your homeowner’s insurance policy. As premiums have skyrocketed over the past few years, the following are methods to help keep this cost down in the purchase of your San Clemente home or condo.
Get a CLUE report. CLUE, which stands for Comprehensive Loss Underwriting Exchange, is a database that keeps records of every claim a homeowner makes against their house, such as a broken pipe, window, etc. When you purchase a home, you will receive this report as part of the due diligence process. If the home has a history of damage or claims against it, this may drive the insurance policy up. Like a credit report, however, a CLUE report may contain errors. Luckily, you can receive a free CLUE report by visiting choicetrust.com, and if you believe the report contains errors, then you can visit consumerdisclosure.com.
Don’t over or under insure your home. A homeowner’s policy should cover 100% of what it would cost to rebuild your home and not the entire home’s value that includes the land. For example, your home may be worth $1 million, but it may only cost $300,000 to rebuild and therefore, this would be the amount you would insure.
Consider taking a risk. If you move from a $500 deductible to a $1,000 deductible you could save approximately 20% on your premium. Therefore, consider taking the highest deductible you are willing to stomach with your emergency fund.
Don’t be loyal to one insurer. Some insurers may give a 10% discount to long-time customers, however, it is still worth exploring your other options as you may find a better deal. You can get quotes from InsWeb.com or Insure.com.
Keep good credit with your insurer. In other words, just like your credit score can be impacted, so can your insurance depending on the number of claims you make and whether you pay on time.
Please visit other sections of our website or blog for more information on your San Clemente real estate purchase or please feel free to contact us for a consultation.
