When purchasing a home, or if you are a current homeowner, it is essential that you acquire homeowner’s insurance. Homeowner’s insurance is an investment in the protection of your most important and expensive life asset. Purchasing homeowner’s insurance does not have to take a big bite out of your wallet as there are a number of measures one can take to reduce the cost of their homeowner’s insurance premiums.
The following is a list of ten ways to cut your homeowner’s insurance:
- Compare Insurance Quotes: It is important to never accept the first policy offer. Make sure that you compare at least three different quotes from different insurance providers. You can do this by going to an online insurance site that provides an insurance tool which allows one to submit their information, and then in seconds, you will receive three different quotes from different companies. These are the most affordable quotes and will outline what your coverage will entail. You can then pick the most affordable policy that meets all of your needs.
- Maintain a Clean Credit History: When insurance companies assess how much premium a person will pay, they will often check the credit rating. Obtain your credit report to see if you have any outstanding bills, bills in collections, and if there are any errors. Pay off your bills and have any errors fixed. A clean credit report will lower the premium you will pay.
- Reduce Your Home Risk: There a number of measures one can implement that will make their home a lower risk to insure. This includes installing a security alarms system, quality locks for the doors and windows, smoke detectors, carbon monoxide detectors, fire extinguishers, security lights, fireproof safes, …etc. As well, such additions as a pool can cause your premiums to rise because it is considered a higher risk.
- Raise Your Deductible: If you pay a higher insurance deductible, (the amount you will pay out of pocket if you need to make a claim) the price of your premium will be lower.
- Combine Your Homeowner’s Insurance and Auto Insurance Policy: Many insurance companies will give a discount to people who combine their auto and homeowner’s insurance policy that can be up to 15%.
- Do Not Purchase Excessive Coverage: There is extra coverage you can buy which will increase your premiums. For instance, insuring valuables such as expensive jewelry or acquiring flood insurance will raise your premiums. If there are areas in your policy that don’t apply to you, don’t purchase it.
- Improve Your Credit Rating: If you have poor credit rating there are a number of things you can do to improve it. For instance, each month, make sure you pay all of your bills on time, including your credit cards, don’t max out your credit cards and only have a couple of cards at one time.
- Maintain Home Features: Replace or repair wiring, heating system, old plumbing pipes, roofing, foundation…etc. This will make your home less of a risk to insure and will lower your insurance premiums.
- Keep Present Insurer: If you have had the same insurer for a number of years, tell the insurer that you are looking around for homeowner’s insurance. Check to see if they will give you a discount to stay with them. Make sure you compare that price with other quotes.
- Ask Insurer about Other Discounts: Discounts can vary among companies. Ask the insurance company if there are any discounts you may qualify for such as age (if you are retired.)
With a little research and implementing a number of cost reducing measures, one can get a great and affordable deal on their homeowner’s insurance premium.
The best time to find out how much you can save on your present insurance policies is right now!
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