Insurance Tips for First-Time Home Buyers

Here is an excerpt from a new blog post at GreggMarcus.com:

Home ownership is the American dream. However buying a home of your own requires a major financial commitment. This means saving for a down payment, finding the right mortgage lender and the most important responsibility, finding affordable home protection. In this blog post, Gregg S. Marcus, a Long Island Insurance Executive lists some tips for first-time home-buyers to save money on their first homeowner’s insurance policy.

Raise Your Deductible
A deductible is the amount of money you have to pay toward a loss before your insurance company will start to pay the claim, according to the terms of your policy. The higher the deductible, the less money your insurance premiums will be! Currently, most insurance companies recommend a deductible of at least $500. If you can afford to raise your deductible to $1,000, you may save as much as 25% off your premium. Depending on where you live, there may be separate deductibles for certain kinds of damage. For example, if you live in an earthquake-prone area, your earthquake policy has its own deductible.

To read this post in it's entirety, click here to visit the Gregg Marcus official website.