Top Ten Ways To Save On Home Insurance
Wondering if you're paying too much for home insurance? Looking for some ideas on how to save? Check out this Top Ten list.
1) Shop around.
Home insurance companies differ in how they rate and underwrite from each other, so it can really pay off to comparison shop.
The Insurance Information Institute recommends that you get at least three quotes from different companies.
An online insurance comparison site is a good place to start.
2) Increase your deductible.
The amount of your deductible directly affects your premium.
A higher deductible can lower your home insurance costs quite a bit.
3) Make sure you are not insuring the land.
Homeowners insurance covers your dwelling (home), personal possessions and provides liability coverage.
If you include the cost of the land in the amount of coverage on your policy, you're going to be paying more than necessary.
4) Install smoke detectors and fire extinguishers.
Not only will this make your home safer, it can qualify you for a good discount from the insurance company.
5) Insure your vehicles with the same company that insures your home.
This can qualify you for a multi-policy discount.
6) Maintain a good credit rating.
Insurance companies often use credit scores to assess risk.
The lower your credit rating, the greater the risk and consequently you may pay a higher rate.
7) Report to your insurance company any upgrades to plumbing or electrical.
This can qualify you for a discount.
8) Install deadbolts or a home security system.
This will give you added peace of mind and you may qualify for extra discounts.
Check with your insurance company to see how much they would discount and for what types of security systems.
9) When buying a home, consider the insurance costs.
The location of your home, the building materials and more can affect how much you pay.
10) Review your coverages periodically.
Make sure you're not paying for coverages you no longer need.
1) Shop around.
Home insurance companies differ in how they rate and underwrite from each other, so it can really pay off to comparison shop.
The Insurance Information Institute recommends that you get at least three quotes from different companies.
An online insurance comparison site is a good place to start.
2) Increase your deductible.
The amount of your deductible directly affects your premium.
A higher deductible can lower your home insurance costs quite a bit.
3) Make sure you are not insuring the land.
Homeowners insurance covers your dwelling (home), personal possessions and provides liability coverage.
If you include the cost of the land in the amount of coverage on your policy, you're going to be paying more than necessary.
4) Install smoke detectors and fire extinguishers.
Not only will this make your home safer, it can qualify you for a good discount from the insurance company.
5) Insure your vehicles with the same company that insures your home.
This can qualify you for a multi-policy discount.
6) Maintain a good credit rating.
Insurance companies often use credit scores to assess risk.
The lower your credit rating, the greater the risk and consequently you may pay a higher rate.
7) Report to your insurance company any upgrades to plumbing or electrical.
This can qualify you for a discount.
8) Install deadbolts or a home security system.
This will give you added peace of mind and you may qualify for extra discounts.
Check with your insurance company to see how much they would discount and for what types of security systems.
9) When buying a home, consider the insurance costs.
The location of your home, the building materials and more can affect how much you pay.
10) Review your coverages periodically.
Make sure you're not paying for coverages you no longer need.