The price you pay for your homeowners insurance can vary by hundreds of dollars, depending on the insurance company you buy your policy from. Here are ten tips to consider when buying homeowners insurance that could help you lower your premiums.
Tip 1: Raise Your Deductible
Deductibles are the amount of money you have to pay toward a loss before your insurance company starts to pay a claim, according to the terms of your policy. The higher your deductible, the more money you can save on your premiums. Nowadays, most insurance companies recommend a deductible of at least $500. If you can afford to raise your deductible to $1,000, you may save as much as 25 percent. Remember, if you live in a disaster-prone area, your insurance policy may have a separate deductible for certain kinds of damage. If you live near the coast in the East, you may have a separate windstorm deductible; if you live in a state vulnerable to hail storms, you may have a separate deductible for hail; and if you live in an earthquake-prone area, your earthquake policy has a deductible.
Tip 2: Don´t confuse what you paid for your house with replacement costs
The land under your house isn't at risk from theft, windstorm, fire and the other perils covered in your homeowners policy. So don't include its value in deciding how much homeowners insurance to buy. If you do, you will pay a higher premium than you should.
Tip 3: Make your home more disaster resistant
Find out from your insurance agent or company representative what steps you can take to make your home more resistant to windstorms and other natural disasters. You may be able to save on your premiums by adding storm shutters, reinforcing your roof or buying stronger roofing materials. Older homes can be retrofitted to make them better able to withstand earthquakes. In addition, consider modernizing your heating, plumbing and electrical systems to reduce the risk of fire and water damage.
Tip 4: Improve your home security
You can usually get discounts of at least 5 percent for smoke detector, burglar alarm or installing dead-bolt locks. Some companies offer to cut your premium by as much as 15 or 20 percent if you install a sophisticated sprinkler system and a fire and burglar alarm that rings at the police, fire or other monitoring stations. These systems aren't cheap and not every system qualifies for a discount. Before you buy such a system, find out what kind your insurer recommends, how much the device would cost and how much you'd save on premiums.
Tip 5: Seek out other discounts
Companies offer several types of discounts, but they don't all offer the same discount or the same amount of discount in all states. For example, since retired people stay at home more than working people they are less likely to be burglarized and may spot fires sooner, too. Retired people also have more time for maintaining their homes. If you're at least 55 years old and retired, you may qualify for a discount of up to 10 percent at some companies. Some employers and professional associations administer group insurance programs that may offer a better deal than you can get elsewhere.
Tip 6: Maintain a good credit record
Establishing a solid credit history can cut your insurance costs. Insurers are increasingly using credit information to price homeowners insurance policies. In most states, your insurer must advise you of any adverse action, such as a higher rate, at which time you should verify the accuracy of the information on which the insurer relied. To protect your credit standing, pay your bills on time, don't obtain more credit than you need and keep your credit balances as low as possible. Check your credit record
on a regular basis and have any errors corrected promptly so that your record remains accurate.
Tip 7:
Review the limits in your policy and the value of your possessions at least once a year
You want your policy to cover any major purchases or additions to your home. But you don't want to spend money for coverage you don't need. If your five-year-old fur coat is no longer worth the $5,000 you paid for it, you'll want to reduce or cancel your floater (extra insurance for items whose full value is not covered by standard homeowners policies such as expensive jewelry, high-end computers and valuable art work) and pocket the difference.
Tip 8:
When you´re buying a home, consider the cost of homeowners insurance
You may pay less for insurance if you buy a house close to a fire hydrant or in a community that has a professional rather than a volunteer fire department. It may also be cheaper if your home´s electrical, heating and plumbing systems are less than 10 years old. Choosing wisely could cut your premiums by 5 to 15 percent.
Tip 9: Ask Questions
If you have questions about insurance for any of your possessions, be sure to ask. You can connect with a representative when you request a no cost, no obligation, manufactrured housing insurance quote . You select the best time of day to be contacted. A live Manufactured Housing Insurance Specialists will gladly address your personal questions or insurance concerns.
Although you want to lower your homeowners insurance cost, you also want to make certain you have all the coverage you need. Take the time to read answers to the most often asked questions about manufactured home Insurance.
Tip 10: Shop Smart
Manufactured homeowners insurance provides coverage in the event of damage to your property, as well as liability for injuries and damage you cause to other people. A Manufactured Housing Insurance Specialists is best equipped offer you a customized benefits and premium comparison, quote you the best possible rate and coverage, and help you make the right choices about this important form of protection for you and your family.
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