Canceling Home Insurance Should Be Your Last Resort

Posted in Home Insurance

July 13th, 2009

America’s economy is difficult for many people, but for some it’s a real, daily crisis. Many home owners, in fact, are so strapped for cash and are so desperate to save money wherever they can that they are actually canceling their home insurance. If you’re a home owner who’s in dire straights, and you’re considering reducing or eliminating your home insurance until you get back on your feet, you may want to rethink this decision. While this move could save you a few hundred dollars every month, you’re exposing yourself to a level of risk that practically every single financial expert will tell you is simply too high.

For most home owners, their home is the most expensive asset that they possess. This will be true even if their home has, like so many American homes, lost a significant percentage of its value as the real estate market has crashed. Having the right home insurance policy, therefore, is a must, and while you can seek to lower it, eliminating it altogether is downright dangerous. Before you get rid of your home insurance, first contact your home insurance provider and see whether you can negotiate a lower monthly premium. If that doesn’t work, consider raising your deductible to a level that eases the burden of your monthly payment. People with home insurance policies can also go over their policies with a fine tooth-comb and see where they can nip and tuck anything that may be included in the policy that they don’t really need, or can do without. Exterior considerations, such as lawn or garden coverage, may be included in your policy without your even knowing it.

The bottom line with home insurance is that while it may be expensive, it’s nowhere near as expensive as damages you have to pay out to someone who is injured on your property, or the costs of repairs should your home burn to ground. While saving money where you can is wise, exposing yourself to critical risk is not.

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