how to be more frugal

Submitted by Anonymous (not verified) on Sat, 12/29/2007 - 10:47

Hey!

I bought a house 2 years ago. Last month i bought a home insurance from an agent.Now they are charging more than i expected.Someone please help...

Posted: 29 Dec 2007 11:47 Post Subject:

Welcome to the community Samantha. :)

It seems you did not get a proper guidance while signing up with your home insurance.

Last month i bought a home insurance from an agent


While signing up with a home insurance policy you should check out some important steps. You should have looked up for these points:

http://www.ampminsure.org/Low-home-cost.Html

Now that you feel it is a burden

1. Check out if you have signed with any floater that you do not require.

2. See to it that you have availed the special provisions, i.e.

(a) if you are a non smoker you get a discount,

(b) if you have good plumbing or electric wiring at home and many others.

Or if your insurance agent has burdened you with any policy, you can take legal actions.

Respond to this so can we can help you further.

Thanks,
Sil

Posted: 29 Dec 2007 12:08 Post Subject:

Did you get this insurance through somebody your mortgage carrier referred you too or did you find them on your own?

You will also want to check with the company that you carry your house insurance through, some will bundle and that will give you some savings also.

Posted: 29 Dec 2007 01:57 Post Subject:

Good morning OP, and welcome!

I bought a house 2 years ago. Last month i bought a home insurance from an agent....

Are you saying you didn't have homeowners policy for two years? how is that possible?

Now they are charging more than i expected.Someone please help

More than likely due to underwriting, how much more? Which form do you know? what are your coverages? Did they 'up' some limits? Please provide some more details and I'm sure we can assist...

a) if you are a non smoker you get a discount,

really? on homeowners? I've never heard of this...health and life yes, homeowners, I've just not heard this...

(b) if you have good plumbing or electric wiring at home and many others

. More to the point (re discounts on h.o. policys) would be alarm systems, 'companion' policys, location, location, location, fire protection districts etc...

Posted: 29 Dec 2007 04:58 Post Subject:

We get the discount for our closeness to the fire hydrant and that the fire company is with in 5 miles away. Some other discounts that we got is that we have an outdoor furnace for heat, there is no component of it in the house that could possibly start a fire.

Posted: 29 Dec 2007 11:55 Post Subject:

Some other discounts that we got is that we have an outdoor furnace for heat, there is no component of it in the house that could possibly start a fire.

really? Is this what you use the coal you are hauling for? or is it a wood furnace?

Posted: 30 Dec 2007 01:34 Post Subject:

We burn coal and wood in it. We heat our home, all of our hotwater, burn the trash in it. So we eliminated the trash bill monthy and our coal bill is about $600 for the entire year. That is a high estimate on coal. We don't burn much at all in the summer, a bag of house hold trash will heat the water in the house for about 2 days, it is really economical. Been looking at a new system, a little bigger to heat the garage too, the bigger one with the fuel oil back up is around $5000. We have had this one for about 10 years, we bought it used/reconditioned for around $2500. It has done an awesome job for us.

Posted: 31 Dec 2007 06:18 Post Subject:

Lori

if you are a non smoker you get a discount



Some insurance companies might offer you a discount on your home insurance if you smoke less. If you had been a smoker at the time when you have bought the house, but have left it in due course, many insurers might lower your interest rate. Basically it is said that smoking results in more than 20,000 residential fire. Thereby the insurance companies tend to charge lower premiums from the smoke-free households.:)

I think in a newer house, the plumbing and eclectic is always in a better form than the old ones.Thereby the insurance companies charge lower premiums and overall structure are likely to be in better shape than those of an older home; therefore new homes are usually charged lower rates than older house, of same price value. :D

Posted: 31 Dec 2007 07:02 Post Subject:

Actually, i bought a house two years ago, i had to go abroad for some genuine purpose.I came back 3 months ago. Now i am planning to reside over here permanently. From an insurance agent , i bought a home insurance policy, that is ho:1 . The agent also offered me some Floaters;earthquake,flood and some more but i denied.

I am confused , today they are charging me premium for the floaters as well and now i find in my agreement that they have given me the floaters as well...i don't need them..i want to come out of it. Some one please help....

Posted: 31 Dec 2007 09:57 Post Subject:

Just contact, better yet go to the agents office, and go over the coverages line by line, I thought that is probably what had happened some additional coverages are in the policy that you do not want....what you are calling floaters they may refer to as 'endorsements'....take the papers with you and go to the agent and make them explain each and every coverage to you and cancel the coverages you do not want...if they won't help you then get up drive to another agent, get the policy you want and cancel the entire policy with the first agent.

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