The US is in Hurricane season, due not wait till the last moment to purchase before a closing.


When you apply for a mortgage loan, you’ll need to show your lender proof that you’ve taken out a homeowners insurance policy. Lenders won’t approve you for a loan until you've obtained a policy.

This makes sense. A homeowners insurance policy protects you in case your home is destroyed by a natural disaster or a thief breaks in and steals your valuables. Insurance will provide you with a financial payout that can help you rebuild your home and replace items that are damaged or stolen.

How much you’ll have to pay in insurance depends on several factors including the size of your home and where you live. Most homeowners, though, can expect to pay around the national average of $1,000 a year.

It is possible, though, to lower the costs of your policy. You can often do this through discounts.

For instance, if you purchase an alarm system to protect your home against theft, you might qualify for a solid discount from your insurance agency. If you take out more than one policy (auto, life, etc.) with your home insurance provider—a strategy called bundling—you might also qualify for a sizable discount.

But these aren’t the only discounts available to homeowners. If you install new wiring in your home, your insurer might cut the cost of your insurance. That’s because new wiring is less likely to cause fires. Installing an impact-resistant roof can make a difference to your rates, too. Increasing your deductible can also lower your rate.

The best way to make sure you don’t overspend on homeowners insurance while getting the coverage you need? Talk to an insurance agent whom you trust. This professional can help you identify any discounts that can slash the cost of your home insurance while ensuring your coverage is sufficient.

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