In this episode, we went over homeowners insurance deductibles and a quick tip on how to get lower premiums.
For single-family residential homes in the range from $200,000 to $400,000 or so, premiums are going to range from about $600 to maybe $1,200 annually. So, about $50-$100 a month. We’ve had some people asking how they can get the lowest premium possible. For many people, the difference between $50 and $100 can be a big deal.
The key to getting a lower insurance premium is to be okay with having a higher deductible. We’ve recently seen some really low premiums from increased deductibles. In one case by a deductible going from $1,000 to $5,000 the premiums dropped from around $800 down to $350.
This can be a good strategy for people who aren’t particularly claim happy. And the more you make claims the more your premiums go up. So, if you’re not making many claims having a high deductible might not negatively impact you that much. It’s basically there in case of a catastrophe.
Now, we’re not insurance experts, so a disclaimer here, but this is a topic that has come up for us a couple of times in the past weeks and we wanted to make sure you knew.
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Thanks for listening and reading the Mortgage Brothers Show. Let us know if you have any questions you’d like us to answer on this podcast. You can email your questions to Tom@AZMortgageBrothers.com or Eddie@AZMortgageBrothers.com.
Be sure to ask us for a free quote on your next mortgage. We’ll personally work with you and help you through the whole process.
Signature Home Loans LLC does not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only. You should consult your own tax, legal, and accounting advisors before engaging in any transaction. Signature Home Loans NMLS 1007154, NMLS #210917 and 1618695. Equal housing lender.BACK TO LIST