Don’t Wait for Disaster to Strike to Review Your Homeowners Policy, Insurance Expert Warns

<p>Business Editors/Consumer Products Writers/Insurance Writers</p> <p>GOLD RIVER, Calif.--(BUSINESS WIRE)--September 8, 2008--With wildfires and hurricanes dominating the news, many homeowners are wondering if they have enough home insurance coverage.</p> <p>According to Hussein Enan, Chairman and CEO of online insurance marketplace InsWeb (www.insweb.com), the surprising answer is many do not. An even greater number are paying too much.</p> <p>“Take a look at your coverage. If you’re uncertain about your limits or deductible, contact your insurance provider and ask for a policy review. Make sure you’re familiar with the details,” Enan says.</p> <p>According to Enan, reviewing your policy can be a great chance to save money.</p> <p>“There are several ways to reduce your homeowners insurance costs with your existing carrier,” he says. “Plus, the Internet has made it easy to comparison shop—smart homeowners can find all the coverage they need at a great price.”</p> <p>Enan recommends the following ways to save on home insurance:</p> <p><em>1. Raise your deductible</em>. According to the Insurance Information Institute, if you raise your deductible to $1,000 from $500, you may reduce your annual premium by up to 25%.</p> <p><em>2.</em><em>Insure your</em><em>car and home with the same carrier</em>. Many consumers overlook the savings achieved by purchasing car and homeowners insurance from the same carrier. Discounts could be as much as 15%.</p> <p><em>3. Add Safety Features.</em> Have you added new deadbolts? An alarm system? Insurance companies value the protection of burglar and fire alarms—especially when connected to police and fire departments—and could reward you by reducing your premiums by up to 20%.</p> <p><em>4. Evaluate Improvements.</em> A new home’s electrical, heating or plumbing system will likely be in better condition than one in an older home. Accordingly, a new home’s insurance rates are generally lower. If you have made improvements, update your insurance.</p> <p><em>5. Eliminate Coverage You Don't Need.</em> Ideally, you want your policy to cover any major purchases or additions to your home, but you should not pay for coverage you don't need. You may have appliances, electronics, and other valuable possessions that depreciate. Annually, compare your coverage limits to the value of your possessions, Enan says.</p> <p><em>6. Comparison Shop.</em> To make sure you have the right amount of homeowners insurance, compare quotes to find the coverage you need at the lowest price.</p> <p>Enan is available for interviews and commentary.</p>