There are many ways to make sure you are getting the best price possible when you are shopping around for homeowner’s insurance. By taking these steps, you can be sure you are getting a low rate and quality protection for your home.
Do Your Homework
When looking for a new homeowner’s policy, ask around. Find out where your family and friends obtained policies and ask for recommendations. You can also do Internet searches or inquire at a few different insurance offices to compare quotes. Make sure that when you compare rates, you are looking at policies that are similar to one another.
Increase Your Deductible
You can save money on your monthly premium by choosing a plan with a higher deductible. This can take the pressure off your pocketbook when it comes to paying your monthly bill. Of course, you’ll want to make sure that you can afford the higher deductible in the unlikely event of a catastrophe.
Buy Your Other Polices From the Same Company
You can possibly save between 5 to 15 percent if you buy your other insurance policies from the same company. Ask your insurance agent how much you could save if you purchased another type of insurance such as auto, life, or health in addition to your homeowner’s policy.
Insure Your Home for the Cost of Rebuilding
You don’t want to be paying for coverage that isn’t necessary. Make sure you are insuring your home for what it would cost if you needed to rebuild it. The land is already there and immune to most disasters–if something happened, only the home itself would need to be covered.
Safeguard Your Home
Many insurance companies will offer lower rates if they know you do your best to protect your home. Make sure to have working smoke and fire alarms and sturdy locks on your windows and doors. Insurance companies also like to insure homes that have strong roofs, storm windows, indoor and outdoor sprinkler systems, and other structural improvements. It also doesn’t hurt to consider putting in a home security system to lower your home owner’s insurance rate.
Uphold a Good Credit Score
More often, insurance companies are taking a closer look at credit scores to determine rates. Always try to pay your bills on time and try to keep your credit balances low. Every year you should review your credit report to make sure that everything is accurate.
Ask for Other Types of Discounts
If you are a person over 55 and you are retired, you may qualify for a discount. This varies with different insurance companies and isn’t always the case, but it doesn’t hurt to ask. Also, check to see if you can save money by paying your yearly premium upfront versus paying it in monthly installments. You can sometimes save between 5 to 10 percent by paying your premium all at once.
Saving money on home insurance can be easy if you take the time to shop around, ask questions, and do your best to be a responsible home owner. You’ll be happy you took the time to find the right policy when you see the extra money in your bank account.