If you’re looking at homes for sale in Irvine, it’s important to note that many mortgage lenders will require you to have homeowners insurance in place before signing off on the loan. While insurance will be an additional cost each month, there are many ways to keep your monthly premium manageable.
1. Improve the Home
Improvements that fortify safety and security can lead to a drop in premiums or monthly payments. If you’re not sure what you can do, call your insurance company and ask. Insurers are known to lower rates if you update wiring and plumbing or reinforce structural material. Adding an alarm system can also lower premiums.
2. Consider Higher Deductibles
One way to save on homeowners insurance is to increase the deductible. Of course, that means being responsible for any casualties until you reach the limit. Before making this decision, be sure you can manage the amount.
3. Go with an Umbrella Policy
It won’t save you outright, but should you find yourself filing a large claim, umbrella policies put you in an advantageous position. Standard liability policies won’t cover you if an attorney has you on their radar. They will grab the insurance check, then go after funds in the bank, and then garnish your wages.
4. Know How Your Home Impacts Premiums
The property’s location, age, and even construction type plays a significant role in your insurance. Insurance companies will consider personal factors, including your creditworthiness, if you’ve made claims in the past and whether anyone living in the home smokes. Some of these criteria may be beyond your control, but knowledge gives you a greater idea of how your policies are structured.
5. Look at Bundles
More and more insurance companies are offering discounts–anywhere between five and 15 percent–on insurance if you bundle policies. Find out what your premiums will look like if you bring other business to your carrier. Do you have a car, motorcycle, or RV? Do you have or need life insurance? Bring them to your homeowner insurer. It could lead to pricing that’s lower than separate policies at different companies.
Take the guesswork out of buying a home by working with an experienced real estate brokerage in Irvine, CA. We can show you condos and houses for sale in Irvine, walk you through all the paperwork, and ensure you’re set up for success by the time you receive your keys. Give us a call today at (714) 454-6304.