With an economic crisis running rampant across the country, those who have failed to make their mortgage payments in a timely manner and have had their home foreclosed on are left wondering where they went wrong. In this post, Gregg S. Marcus, a Long Island Insurance Executive explains how having homeowner’s insurance could have saved their home from foreclosure.
Believe it or not, an expense like homeowner’s insurance can actually help with your mortgage expenses. So how exactly can you utilize your insurance to prevent your home from being foreclosed on? Many different ways:
Job Loss Insurance
Often added on as a rider to a standard homeowner’s insurance policy, job loss insurance is purchased while still employed. Once covered, this will pay for part or your entire mortgage payment should you be unemployed for a number of reasons.
Comparing Policies
Many homeowners pay too much for coverage without knowing. The key to not falling into this trap is by comparing insurance quotes from a number of different companies in order to find the best policy at the right price as to keep your monthly costs down.
Watch for Gaps in Your Policy
As a homeowner, you are responsible for so many things and it could be easy to get out of date with your insurance coverage. One of the big risks you face is being underinsured or not realizing the gaps in your homeowner’s insurance policy. It is best to be aware of these problems before they actually become problems and you end up paying out of pocket to get your house repaired. Speak with your insurance agent to make sure these gaps don’t apply to your homeowners insurance quotes.
Watch Your Credit Score
Not only should you constantly check-up with your insurance policy each year, but you should also keep an eye out on your credit score, since it will greatly influence how expensive your premium will be (a low credit score means high premiums). Discounts are always a plus, so you should ask for them whenever possible to reduce insurance quotes.
Increase Your Deductible
The best way to save on homeowners insurance in a rough economy is by increasing your deductible (the amount of money you pay out of your pocket for repairs and damages before your insurer pays).
If you are a homeowner in Nassau County or Suffolk County on Long Island in New York, and would like a quote on a homeowner’s insurance policy, contact Gregg S. Marcus today.
