Homeowners insurance is a vital part of being a responsible and successful homeowner. Forced-placed insurance occurs when a bank or mortgage servicer places an insurance policy on a property where the mortgage borrower/homeowners insurance has lapsed or is deemed insufficient. Forced-placed insurance protects the lender, so it is important to have your own homeowners insurance policy for your protection.
Here are a few tips to help you find the right homeowners insurance for you and reduce costs:
- Do your research and shop around, don’t just settle for the first company you come across.
- Choose the best company that fits your financial and personal needs.
- Determine what needs to be covered and how much insurance you need.
- Ask your current provider for a discount review.
- Buy your home and auto policy from the same insurer (bundle deal).
- Make your home more disaster resistant.
- Get a Wind Mitigation Inspection.
If you are looking for personalized help along your homeownership journey, you can sign up to meet one-on-one for free with one of our housing counselors. You can learn more about how to get started here.