Picking the right homeowner ins. policy

INDIANAPOLIS (WISH) - Keeping costs down around the house is a priority these days. And one way people are doing that is by watching what they pay for homeowner’s insurance.

The Moore family of Indianapolis understands the importance of keeping track of home care costs. That means Craig and Ginny Moore make sure they have the right homeowner’s policy which Craig says is not as easy as it sounds.

“Terribly confusing, deductibles, premiums, what's covered, what's not covered," said Craig.

Jim Jensen of A.H. Jensen and Sons Insurance is an independent agent who sells policies for several different companies. He said there are several ways homeowners can control the cost of their homeowner policy.

"Combining policies, your auto and your home, is a very common discount. Some companies even include discounts if you buy life insurance from them, if they deal in life insurance as well," said Jensen.

Jensen said perhaps the easiest way to keep the cost of any insurance policy down is to raise the deductible.

"Common deductible today is about $500, some will go to a $1,000 it's not unusual. They have deductibles of $2500 and $5,000. And they have some in between that they are offering now as options," said Jensen.

But it's important to make sure the money is available in case a claim is made. Angie Hicks of Angie's List also says homeowners shouldn't let their homeowner’s insurance auto-renew.

"Always review your policy every year because things change, you might find that you've made improvements to the house that you need to add to your insurance, plus it's also good to comparison shop from time to time," said Hicks.

That’s exactly what the Moore's did.

"What you want to do is plan ahead, that's the big thing, plan ahead. Don't get in too deep," said Craig.

Remember, in Indiana, homeowners with a mortgage must have homeowner’s insurance. Angie said be sure to get a written quote from an agent before buying the policy.