Reddit users have many helpful home insurance tips to keep in mind, including comparing coverage options, bundling coverage, and choosing a high deductible.
As Insurify’s home and pet insurance editor, Danny also specializes in auto insurance. His goal is to help consumers navigate the complex world of insurance buying.
3+ years experience in insurance and personal finance editing
NPN: 20564519
Katie uses her knowledge and expertise as a licensed property and casualty agent in Massachusetts to help readers understand the complexities of insurance shopping.
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Users on Reddit can talk to real people about their lived experiences, often providing more meaningful insights than you’d find from a generic Google search. Redditors are often eager to share their experiences and insights with other inquiring minds.
Discussions about many topics occur on Reddit, including conversations about home insurance and other insurance products. A few active subreddits — Reddit forums dedicated to specific topics — with information about home insurance and ownership include r/FirstTimeHomeBuyer, r/homeowners, and r/Insurance.
Reddit users have provided many helpful home insurance tips. Here’s an overview of some of the best tips to keep in mind when buying home insurance.
1. Shop around and compare quotes
Comparing home insurance quotes is one of the most important methods you can use to secure affordable homeowners insurance. It’s one of the best ways to see what rates are available for your home at a given time. You can compare quotes online, over the phone, or through insurance agents and brokers.
You should aim to compare home insurance quotes each year at renewal, as you may be able to find another insurance company offering a more affordable policy than your current one. Keep in mind that some insurance companies offer loyalty discounts, so you should consider this before switching.
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2. Bundle your home and auto insurance
One great way to save money on your insurance coverage is by bundling your home insurance with auto insurance. Many insurance companies offer hefty discounts for doing this, which can save you hundreds on coverage each year. You can also bundle your home insurance with various other insurance products, including renters insurance, boat insurance, and life insurance.
Some insurance companies, like Allstate, offer discounts of up to 25% for bundling home and auto insurance. Before you buy a homeowners insurance policy, consider what other types of insurance you have and look at what companies offer bundling discounts.
3. Choose a higher deductible if you can
Home insurance deductibles and home insurance premiums have an inverse relationship, meaning that when one increases, the other decreases. Insurers do this because when homeowners set a higher deductible, they’re on the hook for less in the event of a claim.
If your monthly homeowners insurance premium is causing a strain on your budget, consider increasing your homeowners insurance deductible to lower your premium. Only do this if you can afford to pay your new, higher deductible out of pocket in the event of a claim.
4. Provide an accurate value of your home and its contents
Providing an accurate value of your home is important because it can help you determine how much home insurance coverage you need. It’s important to get an accurate value so that if your home incurs damage, your insurance provides sufficient coverage. Creating a home inventory can help you assess the value of your home contents.[1]
Misrepresenting your home’s value to your home insurance company can cause some issues. If your insurer finds that you misrepresented your home’s value, it can potentially deny your insurance claim altogether.[2] In this case, you’ll have paid all your home insurance premiums for nothing while still being responsible for the repair costs.
5. Carefully read your policy
It’s important to understand your policy before you buy it. While your home insurance policy may seem long and convoluted, it’s crucial to know what your policy will actually cover in the event of a claim. Knowing what your policy covers will also help you plan for your finances and how much you need to save to cover your potential claim costs.
It’s also important to understand if your policy includes coverage for certain events like flooding, hurricanes, and earthquakes. Most policies don’t, so you’ll likely need to secure additional coverage. If you’re having a hard time understanding your policy, you can enlist the help of an insurance agent.
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6. Keep up with your routine home maintenance
Most home insurance policies don’t cover general wear and tear. Instead, home insurance mainly covers costs from sudden and unexpected damages. Additionally, keeping your home in good condition will make damages less likely to occur. Home insurance companies consider this when deciding whether to insure you and how much your premium should be.[3]
Homeowners with well-maintained homes often enjoy lower home insurance premiums, as insurers consider these homes less likely to experience damages. Make it a habit to do the following maintenance:
Check your HVAC systems regularly.
Clean your gutters.
Check for leaks.
Inspect your roof.
Inspect your electrical wiring.
Reddit home insurance FAQs
If you’re shopping for home insurance, this additional information may help as you research your coverage options.
What is the 80% rule in homeowners insurance?
The 80% rule in homeowners insurance is an industry standard that suggests homeowners should insure their homes for at least 80% of the replacement cost.
How much is insurance on a $400,000 house?
The average cost of home insurance for a policy with $400,000 in dwelling coverage and a $1,000 deductible is $3,280 per year, according to Insurify data.
Is home insurance actually worth it?
Yes. Home insurance is worth it in almost all instances. While it may be frustrating to pay monthly payments for years without ever having to use your coverage, should you ever need it, you’ll be glad you have it. Home damages can be extremely costly to repair, and paying for the damages out of pocket can leave you hurting financially.
What actually happens if you don’t buy homeowners insurance?
If you don’t buy homeowners insurance, you’ll be fully on the hook for any financial damages that happen to your home.
Should you insure your home to its full value?
You don’t necessarily need to insure your home to its full value, as that won’t necessarily be the cost to replace it. You can talk to an insurance agent to determine what it’d actually cost to rebuild your home. Once you have that figure, you should insure your home for no less than 80% of that replacement cost value.
Why does not having home insurance for a while matter to insurance companies?
Not having home insurance for a while sends some warning signs to insurance companies for a few reasons. Prospective home insurance companies may think that you’ve just experienced some damage and want a new policy to cover it. Insurers may also consider you more likely to lapse on your coverage if you haven’t prioritized having insurance in the past.
Danny is a Brooklyn-based writer with a producer’s license for property and casualty insurance. A former editor at Insurify, he specializes in auto, home, and pet insurance. He works to translate his insurance expertise into digestible, easy-to-understand content for drivers, homeowners, and pet owners alike.
Danny has been a contributor at Insurify since March 2022.
3+ years experience in insurance and personal finance editing
NPN: 20564519
Katie uses her knowledge and expertise as a licensed property and casualty agent in Massachusetts to help readers understand the complexities of insurance shopping.
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