For a home owner, paying for the home owners insurance is one of the obvious expenses but knowing that your house is covered (if something happens) can be priceless.
The cost you pay can vary and there can be a number of ways to reduce your cost while still being protected.
Here are some of the tips to reduce your premium cost:-
Shop around
Always shop around to find out the most suitable policy for you - compare quotes but don’t consider price only it is also important to compare other features.
Increase your deductible
A "deductible" is the amount that you agree to pay towards the total amount of your insurance claim. Usually, there is a deductible If you can afford to raise your deductible to $1,000, you may save up to 25%
Consider buying home and automobile insurance coverage from the same company
You can combine home and auto insurance and you can be eligible for a bundle discount which can be up to 15% of premium.
Improve your home security & disaster resistant
Install in your home security (smoke detector, burglar alarm or deadbolt locks) or secure your home against natural disasters and can save anywhere between 5-10% but make sure to check with your insurer before you spend any money on this.
Try to find out other discounts
You can be eligible for an extra discount based on your company or membership or alumni / professional or occupational or associations discount or a non-Smoker Discount or loyalty discount or some group insurance programs.
Stay with the same company and only change on policy renewal
Staying with the same company can get you some loyalty discount and change your insurer (if required) only at the time of renewal.
Review your coverage & limits annually
Always a smart idea to review your insurance coverage every year based on current property value, overall condition and any improvements or renovations and you don't want to spend money for coverage you don't need.
Maintain a good credit record
An excellent and established credit history can help you reduce your premium costs. Check your credit record on a regular basis and have any errors corrected promptly so that your record remains accurate.
Keep it in mind at the time of buying a house
Try to buy a house close to a fire hydrant or a fire station.
Pay your premium annually
You can save money when you pay your premiums annually
Avoid small claims
Not making claims is another way to save some money on your premiums.
Buy new construction
If your house is less than 10 years old – you may qualify for low premiums
There is no harm in asking for a discount with the insurer or the insurance broker as different insurance companies can offer different discount programs.
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