If you are a homeowner and looking to cut costs on your monthly bills, you might have had the thought of cancelling your homeowner’s insurance policy! Although there are no laws prohibiting you from doing so, it is probably not the wisest choice to consider! Your home Is usually the largest asset that you own and that alone shows that it is important to protect it! If you had a fire and lost your furniture, clothing, and the rest of your belongings you most likely would not be able to buy everything new out of pocket—and even if you did have the money to do so, buying everything back out-of-pocket probably would not be something you want to do!
There are other benefits to having a Homeowner’s Insurance Policy that do go beyond just protecting your property—it can protect you from liability if someone got hurt on your property and was suing you! Lawsuits can be devastating in their own right–and according to the Insurance Information Institute, 3-5% of all insurance claims will end up stemming from liability lawsuits—so it’s not too uncommon!
If you are looking at your monthly budget and wondering how you can cut costs, there are certain things you can do to help drive the cost down! Talk with your insurance agent to see if there is anything that can be done such as adjusting coverage by going with a higher deductible and a lower premium, or by improving your home through certain upgrades to lower your insurance premium rate! It never hurts to ask!