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San Francisco home insuranceHome insurance can be the biggest insurance expenditure that most people pay for on their properties. As with other types of insurance, it’s a good idea to determine the cost of your home insurance annually to check if you’re still getting a positive rate for adequate coverage. There are a few factors that you need to put into consideration when reviewing your home insurance to ensure that you are not overpaying for it.

1) The Value of Your Home is lesser than the Insured Amount

As the economy gets stronger, many homes have decreased almost one half of their value. If your home was worth $300,000 two or more years ago, it may be worth $200,000 or less nowadays. If your insurance coverage is still at a higher value, you are possibly overpaying for it. It may be good to have excessive home insurance. However, when you need to claim benefits after suffering from a major loss, your insurance provider will rarely pay you an amount greater than the actual worth of your home. In fact, it’s illegal in many states to intentionally over insure a property just to get a big amount of benefits if it’s destroyed.  

2) Carrying Unnecessary Types of insurance

You may be overpaying for your home insurance if you carry other types of insurance policy that are not necessary. This additional policy may have been bought due to your specific need at some time. Your garage may have been removed, but it's still being insured; or your place may have been removed from the list of flood plain designations, but you still have flood insurance. Thus, it's a good idea to ask an insurance review with your agent at least once a year. 

3) You Have Not Taken Advantage of Some Discounts

You may have not taken advantage of some discounts offered by your insurance provider. Sprinkler systems, security systems, burglar alarms, and other home protection such as bars on windows and doors may all provide some kind of rate reduction for homeowner's insurance. It’s even possible that your area has been rehabilitated and removed from the high crime list.

4) Not Bundling Your Auto Insurance with Your Homeowner's Insurance

Almost all insurance providers will offer you a better rate for buying multiple types of insurance policies with the same insurer. Most insurance agents will advise you to bundle your policies as this helps reduce the cost of your home insurance.

5) Expensive Liability Coverage

If the value of liability coverage is greater that your assets, you maybe overpaying for it. Insurance agents target to sell liability coverage at a greater price. It’s an easy way for them to increase commissions. The truth is that if you carry more liability coverage than your net worth, you are just wasting your money. If you have a net worth of $250,000, there’s a little need to carry a liability policy that costs a million dollar unless you operate a business from your home.

6) Other People Pay Less

If your neighbors pay less for their home insurance premium, you are probably paying too much for your homeowner’s insurance. There will be minor discrepancies depending on the insurance provider you choose and the value of your home. If your annual cost is considerably higher, however, it might be the right time to shop for insurance. 

If you want to know more tips on how to avoid overpaying for your San Francisco home insurance, give Absolute Integrity Insurance Group a call at 888-566-7771. We are very pleased to share valuable information on how to get the best home insurance at the lowest possible rate. 

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Absolute Integrity Insurance Group
1434 Taraval St.
San Francisco, CA 94116
(888) 566-7771
CA License #:0D85546

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