Home Insurance: Why insurance costs so much


Homeowners Basics ........................... Buying and Saving Money How much homeowners insurance do I need? How much will it cost How do I pick an insurance company? How do I get the proper coverage? Why insurance costs so much? How much will it cost? Do I need separate coverage for jewelry? How can I save money? How do I maximize my savings? What information do I need to provide to my agent? What if I can't get coverage? How often should I review my policy? Should I purchase an umbrella liability policy? How do I value my home properly? ........................... Help! I have to file a claim ........................... Home Owners Tips

			Home Insurance - Why insurance costs so much?
			Insurers will not only judge you on your record, but on your demographic as well
			It boils down to one word: risk. To an insurance company, you are a collection of risks. Your sex, your age, your marital status, your neighborhood and your claim history all contribute to an insurer's prediction of whether you'll file a claim. If, for example, you are a homeowner who lives in a coastal area prone to storms, or a rural region far from fire stations, you are judged to be a higher risk because people in those situations have tended to file more, and more expensive, insurance claims. The good news is that all insurers don't price the same risks identically. While insurers are highly regulated in many states, they still operate as competitive businesses, focusing on certain markets and avoiding others. What's more, some operate their businesses more efficiently than others, passing on the savings to consumers. That means you may be able to save hundreds of dollars a year by shopping regularly, even if your insurer rewards long-time customers. A great quote from a new carrier may trump the loyalty card. In the following sections, we'll look at some sensible ways to find the best coverage, whether you live in a mansion or studio apartment.
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