Which Homeowners Insurance Is Cheapest?

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   David G. Pipes, CLU®, RICP®

   Business Development Officer, T.D. McNeil Insurance Services, Fresno, California

   The cheapest homeowner’s policy is one that gives the maximum reimbursement when you have a claim.  Regardless of the monthly cost, having inadequate homeowner’s coverage can be devastating when there is a claim.  That is the reason you have the policy.  Since lenders and insurers generally fix the amount of coverage as the amount required to replace the building, there is not a lot that can be done to affect that part of the premium.  However, there is also a liability section that receives scant attention.  The cheapest thing to do is to select the highest limit you can possibly afford.  A lawsuit could force you into bankruptcy.  Be protected.

   Answered on March 7, 2014

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