When buying a home, some people get overwhelmed with the downpayment alone. But there are a number of things that contribute to the overall cost of owning a home. One very important factor to consider is homeowners' insurance. If you own a house, you need it, and most lenders require it. Think about it. If your home were destroyed in a fire, could you replace it without the help of
homeowners' insurance?
When shopping for homeowners' insurance, check with several different companies for rate quotes. You might also look into bundling your insurance policies. Some companies offer discounts if you use the same carrier for both automobile and homeowners' policies. To save money on insurance, you can also look at increasing your deductible. The deductible is the amount of money you have to pay toward a loss before your insurance takes over. Home insurance deductibles usually start around $250. But, if you increase your deductible to:
When you buy a home, understanding the total costs involved will help put your mind at ease. For other ways you can save on homeowners' insurance, talk to your Texas REALTOR®.
