Multiple Policy Discount – Homeowners Insurance Tips and News Fri, 28 Jun 2013 15:01:02 +0000 en-US hourly 1 Top 7 Ways to Save on your Homeowners Insurance Tue, 13 Apr 2010 18:18:37 +0000 Homeowners insurance is, like most other kinds of insurance, one of those things you don’t usually need, but you’re glad to have when you do need it. Depending on your home and where you live, homeowners insurance can get quite pricy, as well. Knowing how to save on your homeowners insurance will help make sure you’re not paying too much for this necessary coverage.

Here are some of the best ways to save:

  1. Comparison shop. It might take a little longer, but you need to get quotes from several companies. Make sure you’re comparing like products, of course.
  2. Have a higher deductible. When you have a homeowners insurance claim, you have a deductible. This is the amount that you have to pay out of pocket before your company pays the insurance claim. The higher the deductible, the lower your premium. In some cases, if you raise your deductible from $500 to $1,000, you could save 25 percent on your premiums.
  3. Make your home disaster resistant. The fact of the matter is there are things you can do to your home to prevent damage in the event of a disaster, and thereby preventing the likelihood that you’ll make a claim. Talk to your homeowners insurance agent to see if they offer discounts for things like a reinfornced roof or storm shutters.
  4. Make your home more secure. Some insurers will give you a discount based on having smoke detectors, burglar alarms or even deadbolt locks. Sprinkler systems and fire alarms may help, as well.
  5. Get a multiple policy discount. You can probably save a good chunk of cash if you get your homeowners insurance and your car insurance from the same provider.
  6. Keep your credit up. While this trend is changing, over the past couple of decades insurers have been using credit reports to help assess your risk level. If you have better credit, you get a lower premium rate.
  7. Stay with the insurer over the long haul. Many insurance companies will reward long-term homeowners insurance customers with a discount. All you need to do, in many cases, is ask for it.

Photo via Tony Crider

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How To Stop Paying Too Much for Homeowners Insurance Wed, 10 Mar 2010 15:54:19 +0000 housepiggyHomeowners insurance premiums can be expensive. While there are a number of premium price factors you can’t change, such as the size of your house and where it’s located, there are some ways you can lower your premium costs. In fact, according to the Insurance Information Institute, there are a number of ways you can go about reducing your homeowners insurance premiums.

Here are some of the top ways to save a few bunks and still have the homeowners insurance coverage you need:

  • Look around. There are plenty of companies out there that offer homeowners insurance. If your state has an insurance department, they can provide you with a list. You can also check the yellow pages, or ask friends and family for referrals.  The key here is to be selective: only consider homeowners insurance companies that come recommended, or that have a solid record of good customer service and follow-through.
  • Look for a multiple policy discount. Your auto insurer will usually offer a discount if you also purchase your homeowners insurance with them. In fact, you can save as much as 30 percent with some companies just by having more than one insurance product with that company.
  • Make changes to your home. Some insurance companies will offer you a discount on your homeowners insurance premiums if your home is more damage resistant. That can include things like storm shutters or a reinforced roof. Homes in areas that are prone to earthquakes may benefit from a retrofitting to make them more resistant. An older home may be eligible for a discount by updating the plumbing or electrical systems. Finally, many homes can get a discount based on home security features like smoke detectors, dead-bolt locks or burglar alarms.
  • Keep a good credit rating. Not all insurance companies consider your credit rating, and in some states this is becoming illegal. Still, a bad credit score can affect your premiums in some places.
  • Increase your deductible. One way to lower your premium cost, whether its for homeowners insurance or auto insurance, is to raise your deductible. The deductible is the out-of-pocket amount you need to pay when something bad happens before your homeowners insurance kicks in.
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