Save Money – 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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7 Ways to Save Money on Your Homeowners Insurance Mon, 02 Nov 2009 19:22:38 +0000 MoneyHouse

Homeowners insurance is a necessity. You need to protect your investment and your belongings in case a disaster happens. However, that doesn’t mean you need to pay more than is necessary. Doing just a few basic things can help you to save big on your homeowners insurance.

Here are seven things you can do to keep homeowners insurance costs down while maintaining the coverage you need:

  1. Comparison shop. If you want the best rates, you need to look around for options. If your insurance company knows you’re looking around for a better deal, they may even be willing to help you find ways to save some money, too. If they can’t provide a better price, consider switching insurance companies.
  2. Take advantage of multiple policy discounts offered by the insurance company. Most homeowners insurance providers offer a discount when you have more than one type of insurance with them. For example, you may qualify for a significant discount if you insure both your home and your vehicles through the same insurance company.
  3. Consider installing security and safety equipment in your home. Some insurance companies will give you a discount based on things you can do to lessen risk. Installing a security system or eliminating a potential safety hazard, for example, can actually lower your insurance premiums. Your insurance agent can tell you what specific sorts of things you can do in this area to save money.
  4. Keep on top of your credit score and credit report. In some states, insurance companies are not allowed to consider your credit rating when quoting the cost of homeowners insurance. In other states, however, there are no limitations like this. If you’re in a state that does allow it, make sure that there are no errors in your credit report, and try to address any rough spots there might be.
  5. Increase your deductible. You may be able to get a better rate by increasing the deductible. The deductible is the amount you need to pay in the event of an insurance claim before the insurance company will actually pay out.
  6. Consider electronic payments or automatic debits. Some insurance companies will give you a discount if you set up your payments to come out of your checking account automatically. While the savings usually aren’t especially large, they can surely add up over time.
  7. Talk with your insurance agent. Different companies offer different discounts. Ask your agent or your insurance company representative what kinds of discounts are available, and see if you can find a way to qualify. Your agent should be willing to work with you to make sure you know what options are out there.

Doing these things won’t always guarantee a lower homeowners insurance premium, but more often than not they will get you at least a nominal discount. In some cases, the savings on your homeowners insurance can be significant.

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