5 Techniques to decrease your homeowners insurance costs.
The cost for your homeowners insurance can vary by hundreds of dollars, according to the homeowners insurance provider you get your homeowners insurance plan from. Here are some points to consider when selecting homeowners insurance.
Increase Your Deductible
Homeowners Insurance deductibles are the amount of cash you must pay toward a loss before your homeowners insurance company starts to pay claims, based on the terms associated with your policy. The larger your deductible, the more cash you can save on your premiums. These days, most homeowners insurance providers suggest a deductible of at least $500. If you can afford to raise your deductible to $1,000, you may save as much as 25 %. Keep in mind, if you live inside a disaster-prone area, your homeowners insurance policy may have a separate deductible for particular types of damage. If you reside close to the shoreline in the East, you could have a separate windstorm deductible; if you reside in a state prone to hail storms, you might have a separate deductible for hail; and if you live within an earthquake-prone area, your earthquake policy has a deductible.
Don't confuse what you paid for your house with rebuilding costs
The actual land under your home isn't at risk from theft, windstorm, fire and the other perils covered in your homeowners insurance policy. So do not include its worth in determining how much homeowners insurance to purchase. If you do, you will pay a greater premium than you need to.
Buy your homeowners insurance and auto insurance policies through the same insurer
Some companies that sell homeowners insurance, auto insurance and liability coverage will take 5 to 15 percent off your premium if you buy 2 or more policies from them. However make certain this combined price is lower than purchasing the different coverages from different companies.
Another method to reduce homeowners insurance costs are to make your home more disaster resistant. Find out through your insurance agent or company representative exactly what steps you can take to make your home more resistant to windstorms as well as other natural disasters. You may be able to save on your homeowners insurance premiums by adding storm shutters, reinforcing your roof or acquiring stronger roofing materials. Older homes may be retrofitted to make them better suited to withstand earthquakes. Furthermore, think about modernizing your heating, plumbing and electrical systems to decrease the chance of fire and water damage.
Enhance your home security
You can typically receive discounts of at least 5 percent for a smoke detector, burglar alarm or dead-bolt locks. Some companies offer to cut your homeowners insurance premium by as much as 15 or 20 percent if you install a sophisticated sprinkler system and a fire and burglar alarm that rings at the police, fire or other monitoring stations. These kinds of systems aren't cheap and not every system qualifies for a discount. Before you purchase this type of system, determine what kind your insurer suggests, how much the device would cost and how much you'd save on your homeowners insurance premiums.
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