The Most Common Homeowners Insurance Policies You Should Avoid
Have you been shopping around for the best deal on your homeowners insurance but are not sure which policies are best for you? Are you trying to save money but want your property to be covered in the event of a disaster? Many people assume that most insurance is a great idea and the more you have, the better off you’ll be. Believe it or not, there are types of homeowners insurance you should avoid. Unfortunately, it can be difficult to determine which policies are necessary and which policies simply aren’t. To find out what types of insurance you should avoid before you sign the dotted line, take a look at this helpful list we’ve put together.
Private Mortgage Insurance (PMI)
While many people often are told they simply have to get this insurance, it’s best to avoid the extra cost when possible. Private mortgage insurance is usually used only to protect the investor’s financial investment. This means if your down payment is not at least 20% of the purchase price of your home, the lender will require an assurance against default. This comes in the form of private mortgage insurance. While it’s a great idea for the investor, you as the homeowner end up paying a substantial amount in premiums.
If you’d like to avoid this extra expense, you do have options. Of course the preferred method would be to save up more money for you down payment. However, this isn’t an option available to everyone. In this case, you might consider a piggyback loan or a No-PMI Loan. You’ll still pay a little more towards you mortgage, but overall you’ll save on insurance you simply don’t need. Perhaps best of all, the extra money you’ll be saving by avoiding PMI insurance will for the most part go towards your mortgage reducing what you owe on your home.
Additional Insurance You Don’t Need
While there are some additional types of insurance you will want to purchase to compliment your standard policy, some are simply not necessary. For instance, if you live somewhere where earthquakes aren’t common, don’t waste your money on extra coverage for this type of disaster. Instead, use the money you’ll save to get additional insurance that you’ll actually use. A great additional insurance option will include protection against sewage pipes. While many people assume this is included in their standard policy, it isn’t always. It’s usually very affordable (about $50 per year) and can save you thousands in the event you ever need it.
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Have you been shopping around for the best deal on your homeowners insurance but are not sure which policies are best for you? Are you trying to save money but want your property to be covered in the event of a disaster? Many people assume that most insurance is a great idea and the more you have, the better off you’ll be. Believe it or not, there are types of homeowners insurance you should avoid. Unfortunately, it can be difficult to determine which policies are necessary and which policies simply aren’t. To find out what types of insurance you should avoid before you sign the dotted line, take a look at this helpful list we’ve put together.