Buying home insurance should not have to take the joy out of owning your home. High costs, though, make some homeowners struggle to keep their home. Here are some ways that you can actually reduce the price of your coverage and still know that you are adequately covered.
Look At New Quotes
One way to reduce your home insurance costs is by looking around and seeing what other companies have to offer. When it comes to how much you pay, you should look for savings where you can find them, and not stick with any company simply because you have been with them a long time. Although, you should know that staying with one insurer often does give you a discount, you may want to weight whether the discount outweighs the monthly payments another company might give you.
You can easily obtain home insurance quotes by going online to an insurance broker’s website. These are not a particular insurance company’s Website, but are owned by an independent agent who does business with a number of different insurance companies. By entering in your information there, you will be able to get several quotes by entering it only once. Go to more than one broker’s Web site and get at least 6 or 7 different ones. Then compare them carefully.
Add Safety Features
Most home insurance companies will give discounts if you have some sort of safety feature in your home. This will include things like alarm systems – burglar, fire and smoke, fire extinguishers, deadbolt locks on all exterior doors, fire-retardant materials, and even hurricane proof materials.
Increase Your Deductible
Whenever you reduce the potential liability of an insurance company, they will nearly always reduce your rates. By increasing your deductible amounts to, say, $1,000, you will see your rates decrease – possibly up to 25%. You always want to be sure, though, that you can meet this amount in the amount of any disaster effecting your home, because the insurance company will only pay after you do.
Put Policies With Same Insurer
Insurers often give discounts if you have more than one insurance policy with them. If they have both your auto and home insurance, check to make sure there is a discount being given. It may not be a good idea, though, to automatically switch your policies to the same insurance provider, until you do a comparison and see which company offers the better deal overall. Although switching may give you a discount, you may get an even bigger one simply by moving to a new company.
Keep Your Credit Record In Good Shape
Believe it or not, your credit record may effect how much you pay for your home insurance. It seems that more insurers are looking at people’s credit and charging accordingly. You need to get your free credit report each year in order to check it and see if there is any incorrect information on it. Then, correct it quickly, and keep it in good working order.