How To Save On Homeowner's Insurance
If you have ever had to pay for homeowner's insurance
, you know how costly this can be depending on a number of factors. However, you don't have to pay a fortune for home insurance, no matter what you may have previously heard.If you are willing to take the time to do some research and make some adjustments to your lifestyle and home, you can save a considerable amount of money in the long run. If you are willing to put in the time, it will be well worth it when that bill comes in the mail!
First of all, you have to be willing to shop around. Check with several different insurance companies to get rate quotes.
Do your friends or family members like their insurance company? If so, find out what it is, and why they like it.
Next, raise your deductible. The deductible is the amount of money you have to pay toward a loss before your insurance kicks in.
Just make sure you can afford to pay the higher deductible if something should happen. Buy your home and auto policies from the same company.
Many companies will give a discount if you buy both homeowners and auto coverage from them. Consider insurance consequences when buying a home.
If you're looking at buying a home, think about the cost of insuring the home. A newer home's electrical, heating and plumbing systems, and overall structure are likely to be in better condition than those of an older home.
This can lead to a discount on your premiums. Also consider the construction of the home and your geographical location.
If you live on the East Coast, you will want the house to be able to stand up to wind damage; on the West Coast, you need to keep earthquakes in mind. Insure your home, not the land.
Although your home and its contents are at risk from fire, theft, windstorms and other perils, the land your house sits on is not. Don't include the value of the land in deciding how much homeowners insurance you need to buy.
Don't forget to improve security and safety. Items such as deadbolt locks, burglar alarms, and smoke detectors often bring discounts of 5% each, depending on the company.
Your insurance company may also offer a significant discount of 15% or 20% if you install a sophisticated home-security system. If you are thinking about buying such a system, check with your insurer to see which systems they recommend and which will earn you a discount.
If you want another kind of discount, stop smoking-smoking accidents account for more than 23,000 residential fires every year. Some insurers offer to reduce premiums if no one in the home smokes.
Try senior discounts. Insurance companies have found that retired people stay at home more and spot fires sooner than working people.
Older people also have more time for maintaining their homes. If you're at least fifty five years old and retired, you might qualify for a discount of as much as 10%.
Ask about group coverage. Alumni and business associations often work out insurance deals with an insurance company, which includes a discount for association members.
Ask your association's director about any such deals. Stay with an insurer-if you've kept your coverage with a company for several years, you may receive special consideration.
Several insurers will reduce their premiums by 5% after you've been with them for three to five years, and some companies will discount you as much as 10% after six years. Always Check your policy annually.
You want your policy to reflect the value of your home and belongings. If you review your policy every year, you will be able to make the necessary adjustments.
If, for example, you just sold a valuable painting, you won't need the same amount of coverage. But if you added a garage, you'll need to increase your coverage.
Look for private insurance first. If you live in a high-risk area (one that is especially vulnerable to coastal storms, fires or crime) and think you'll be forced to buy homeowners coverage from your state's high-risk insurance pool, check first with an insurance agent.
You may find that you can still buy insurance at a lower price in the private insurance market than from the insurer of last resort. As you can see, there are so many different ways to cut the cost of insurance-reevaluate your situation today and see how you can save!
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