Insuring a home for its real estate value rather than for the cost of rebuilding. When real estate prices go down, some homeowners may think they can reduce the amount of insurance on their home. But insurance is designed to cover the cost of rebuilding, not the sales price of the home. You should make sure that you have enough coverage to completely rebuild your home and replace your belongings—no matter what the real estate market is doing.
A better way to save: Raise your deductible. An increase from $500 to $1,000 could save up to 25 percent on your premium payments.
This is one of the most common home insurance mistakes people make, along with a suggestion to avert that pitfall while still saving money (we call them, “better ways to save”).
A better way to save: Raise your deductible. An increase from $500 to $1,000 could save up to 25 percent on your premium payments.
This is one of the most common home insurance mistakes people make, along with a suggestion to avert that pitfall while still saving money (we call them, “better ways to save”).
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