Save On Your Homeowners Insurance
It is actually quite possible to save money on your homeowners insurance if you know the right things to look for and ask for
. There are discounts from your insurance company for all kinds of things to the building material used or how close you live to a fire station. The first thing to do is to shop around. Check with several different insurance companies to get rate quotes.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. Also consider the construction of the home and your geographical location.
If you live on the East Coast, you'll 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. 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're thinking about buying such a system, check with your insurer to see which systems they recommend and which will earn you a discount.
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 55 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.
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.
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.
Make payments electronically. Many companies now charge up to $5 for mailed payments, so have your payments automatically deducted to shave that cost. Sometimes the deductions can come from your credit card, so you don't have to worry if the money is in your bank account when payment time comes.
Check your credit rating. Many companies check your credit and base your policy on the information they find. Make sure your credit is in good shape, and if it's not, seek out companies that do not run credit checks.
Get replacement-cost coverage. Actual-cash-value coverage reimburses you for the cost of your property at the time of the claim, minus the deductible. This can result in a lower claim payout than you expect. If your TV is worth $50, for example, that's all you'd get to buy a new one.
Replacement-cost coverage will reimburse the full value of an item based on the cost of purchasing a new one. The upfront cost is greater, but you are more likely to receive accurate compensation for your possessions.
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