Top 10 Ways to Save on Homeowners Insurance
There are many ways you could start saving on homeowners insurance. Below are the top fifteen ways that can put money back into your pocket.
1. First, you should shop around. You will be amazed how many companies out there offer homeowners insurance. There are many ways you could shop around. You could search online, ask your friends and family, or just simply open up the yellow pages and start making some phone calls. By shopping around you are sure to find the best rate available to you.
2. Next, you could raise your deductible. The higher your deductible is, the less you need to pay for homeowners insurance. The deductible is the amount you need to pay if something does happen to your home. If you are going to raise the deductible, just make sure you could afford to pay that in case of an emergency. The more your deductible is, the higher percentage you will save. Most deductibles start at $250, if you raise it to $500 you could save up 12%, raise it to $1,000 save up to 24%, raise it to $2,500 and save up to 30%, raise it to $5,000 and save up to 37%, and so forth.
3. Another way to save is to combine your policies with one company. For example, if you have car insurance and home owners insurance on two different companies, see if one of those companies will offer the other type of insurance. Most insurance companies offer both home and auto insurance. By simply putting both policies with one company you could be saving a lot of money.
4. Fourth, think about the insurance when purchasing a home. A lot of different factors go into determining how much you will pay for homeowners insurance. For example, if your home is newer, the insurance will most likely cost less. If the structure of the home is in good condition, than the insurance will not be as costly as an older home with bad structure. Also, the location of a home is important as well. Make sure your home is built for the geographical location it is in. This could make a big difference on the price of your homeowners insurance policy.
5. Next, make sure you leave out the value of your land when insuring your home. Including the land could make the homeowners insurance a lot more expensive. When you are estimating the value of your home, keep that in mind. The values of your home are at risk for many things, such as a fire or even theft, however the land of your home is not at that high of a risk, therefore does not need to be included.
6. Another great tip is to invest in safety for your home. Just by getting locks, alarms, and smoke detectors you could be saving up to 20% on your plan. The safer your home is, the less it is to insure it. Not only will keeping your home safe save you money, but it will also put you and your family is a better environment.
7. You could also save on homeowners insurance by simply stop smoking. If no one in your home smokes, than you will most likely receive a discount. The reason behind this is that more than twenty thousand residential fires last year were started due to smoking. Insurance companies keep this in mind and discount those who do not smoke.
8. Also, if you stick with your insurer you could get a larger discount. Every year you are with the same company they may lower your rates. You could also save by checking homeowners insurance policies annually. One year your company may be better than the next, while the next year the rates may have changed.
9. You could also ask about other discounts that homeowners insurance companies may offer. Senior discounts and group discounts are two other ways that could save you money when it comes to homeowners insurance.
10. A few other ways to save on homeowners insurance is to stick with the private companies, pay over the computer, check your credit rating before purchasing insurance, and getting replacement-cost coverage.
While the list of how to save on homeowners insurance can go on and on, these are just the top ten things you should look for when looking to buy.