New Ways to Save Money on Insurance of Every Kind

Homeowners insurance

Radim Ratnikov / Shutterstock.com

Mortgage companies require homeowners insurance as a stipulation for their loans. Unless you plan to live in a tent after your house burns to the ground, you’ll want to maintain your coverage even after you pay off your mortgage.

Depending on the plan provisions, homeowners insurance will pay not only to rebuild your house but also to replace contents and to put you up in a hotel or temporary housing after a natural disaster. However, be aware that standard coverage may not cover damages related to some events such as flooding or lava flow.

Here are a couple of options to find the best plan at the best price:

  • Lemonade: There’s been a lot of buzz about Lemonade, which brands itself as an insurer powered by computer algorithms, helpful bots and behavioral economics. The company takes a flat fee out of premiums to pay for its expenses, and whatever it doesn’t spend on claims by the end of the year is donated to a charity chosen by the customer. Best of all for consumers, homeowners coverage starts at just $25 a month. Lemonade also promises claims payments in minutes and offers zero deductibles for some products. Lemonade policies currently are available in 24 states and the District of Columbia, and the company is working to expand to other states.
  • Clearsurance: This website isn’t selling insurance, but it will let you compare companies based on community reviews. You can look for the best companies nationwide or search by state. Then you can double-check whether the company offering you a sweet rate also has sweet service. Clearsurance currently offers reviews for homeowners insurance, renters insurance and car insurance.
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