Homeowners Insurance is something that you should shop every year. I recall on my home the premium went from $5000 down to $2200 just by changing my provider and also lowering the amount of contents coverage.
Many people suggest playing with the amount of the deductible on the policy but banks kind of put a stop to that when they started mandating that the customer had a deductible no larger than 2%. (Especially a few years ago when we had B/C loans ) Some lenders took the view that if we have a shakey customer to begin with we don't want to take a chance on them having a major problem and a customer who cannot cover their deductable.
Another great way to lower your premium is by lowering your contents coverage. I recall my policy had contents coverage of $75,000. I don't know about you but my couch, TV and furniture does not approach contents of $75,000. Maybe customers with a lot of jewelry would need this amount of coverga e but many would not. I think what needs to be said to the insurance agent is that you don't want "replacement cost coverage" you would rather have "depreciated value coverage" on the contents.
In the last few years many insurance providers have started asking for a copy of the 4 point inspection done by a home inspector. This report examines the roof, the plumbing, the electrical and the A/C. There is also a wind mitigation portion of this report which gives an assessment of the sturdiness of the roof. This 4 point inspection report will save an average customer any where from $500 to $1000 a year on home owners premium.
As a rule as your mortgage banker/mortgage broker we are not supposed to endorse any particular insurance agent. In fact there is a form, an affiliated busioness disclosure that states we are not recieving money for endorsing any particular agent so I am going to endorse two:
Here is a great agent. George Grokhosky in Boca Raton
