5 Ways To Save On Homeowners Insurance

Homeowners’ insurance policy rates can differ by hundreds of dollars from company to company. Fortunately there are ways that you take advantage of potential savings when comparing quotes from various homeowners insurance companies. Here are the top 5 ways:

1. The most important thing to do is to shop around. This will take some time, but it will be worth it in the end. Use traditional methods such as asking your friends and family about their insurance company and checking the Yellow Pages. But, also remember to check consumer guides, insurance agents, insurance companies and online quote services. Additionally, you can contact your state insurance department for information that can help you choose an insurer in your state, including typical rates charged by major insurers and complaints about companies. Finally, don’t forget to check the financial stability of your top 3 companies before getting quotes from them to compare.
    

2. Check your deductibles as well to save money. Deductibles are the amount of money you’ll pay towards a claim before the insurance kicks in. If you have a higher deductible you’ll have a lower premium and vice versa. As an example the standard deductible is around $500. By raising it to $1,000 you can save up to 25% on your premiums.
    

3. Find and use any discounts you can. If you buy your home and auto insurance from the same company they will often take off between 5% to 15% from your premium costs. You can also find discounts based on your age, the area of your home and occasionally your employer or professional associations. One thing to keep in mind however, is to make sure the discounted price is lower than buying coverages from different companies.
    

4. Don’t forget to review your policy each year. Check the limits and the value of your possessions that you are claiming for your premiums. Make sure to eliminate any coverages that are no longer needed, especially things such as electronics, jewelry and appliances whose values depreciated over time.
    

5. Finally, make your house safer. Ask your agent what kind of steps you can take to make your home more resistant to disasters such as fire, flood, hail and other natural disasters. You could be able to lower your premiums by as much as 15% -20% by adding storm shutters, reinforcing your roof, or even something as simple as adding an alarm system or smoke detectors.

Talk to an agent if you have any questions about saving on your homeowners insurance. But, remember don’t skimp on your coverage to save a few bucks now or it could end up costing you when you really need it in the future.