In writing the “Guide to Shopping for Homeowners Insurance: How to Shop, Save and Lower Costs,” MoneyGeek Journalist Margaret Wack reached out to Attorney Thomas Simeone of Simeone & Miller, LLP for his professional opinion on the topic.
As an award-winning attorney in Washington, D.C., Virginia, and Maryland who has helped individuals avoid being taken advantage of by insurance companies since 1996, Attorney Simeone has in-depth knowledge of the good, the bad, and the ugly of homeowners insurance. He has dealt with insurance companies of all types — auto, health, and home included. Thus, he has learned the common loopholes that insurance companies often use to sell discount coverage while appearing to care about their customers.
Attorney Simeone told MoneyGeek, “There is no secret to shopping for homeowners insurance.” Instead, he said, it is integral to not stop at simply comparing prices, as many insurance companies will make their rates look cheaper than others by reducing the coverage they provide. Hence, compare prices but make sure that you are comparing the prices of plans with similar levels of coverage.
For the article, Wack requested that Attorney Simeone discuss a popular money-saving tip: Set your deductible as high as possible to avoid high monthly payments. While this does lower your monthly payments, many wonder whether this is a wise course of action to take.
After years of legal practice, Attorney Simeone understands that, unfortunately, the worst-case scenario can and does happen. Therefore, he said, this tip is only smart to follow if you can afford to pay that high deductible if you make a claim. Should you find yourself in a situation in which you need to use your insurance, you do not want to be stuck with a deductible you cannot afford.
Attorney Simeone is often requested for comment by media outlets, both large and small. He has appeared on Yahoo Finance, Lifehacker, MSNBC, Fox News, The New York Times, ESPN, and more. The radio waves have also featured his voice, particularly on WMAL in Washington, D.C. and WHPC-FM in New York.
Respected by peers, clients, and awards organizations, Attorney Thomas Simeone is passionate about representing individuals injured by another party’s negligence. To find out how he can help you, contact Simeone & Miller, LLP online.