Cheap Home Insurance - How To Get It

Looking for a way to find cheap home insurance?

There are several ways that you can lower your insurance just by being smart and taking advantage of these great tips.

Raise your deductible

Typically, homeowners insurance deductibles start at $250 so by raising your deductible to $500 or $1000, you can save as much as 24%. Just be sure to keep the amount of your deductible in the bank in case something was to happen.

Insure Your Home, Not Your Land

When determining how much coverage to get, don’t include the value of the land. While you need to protect your home and its’ contents from fire, theft, storms and other hidden perils, your land is still going to be there and you don’t need to insure it. Talk to your agent for help in assessing your needs when it comes to rebuilding.

Install Security and Safety Devices

Although an alarm system is a good idea, it is not the only thing that will help you save. Deadbolts, fire extinguishers and smoke detectors usually bring discounts of up 5% each. Depending upon where you live, installing shatterproof windows can save you as much as 10% in areas prone to windstorms.

Don’t Smoke

Many companies are now offering discounts to people who don’t smoke. Not only will you get cheap home insurance but you'll also be eligible for cheaper life and health insurance. Talk to your agent.

Maintain a Good Credit Score and Pay Your Bills On Time

Not only will a poor credit score get you higher interest rates when applying for a home loan, it will also affect your premiums.

If your home is paid for or the insurance is not included in your payments, make sure that you pay on time. Setting up automatic payments can be an easy way to get cheap home insurance.

Check the History of Your Home Before Buying

Insurers base their premiums not only on the square footage of the home and the cost to rebuild, but also on neighborhood crime rates and the history of natural disasters in the area as well as the age of your home. Also, insurance companies will consider the amount of claims that a home has had in the past when determining your premiums.

Don’t file small claims

If your deductible is $1000 and file a claim for $1250, the insurance company will pay you $250 and then raise your rates so you may want to think twice before filing small claims.

Use the Same Company for Both Your Car and Your Home

Most companies offer multiple policy discounts. If yours doesn’t consider switching to one that does.

High Risk Property Insurance

If you are getting turned down or feel that your rates are too high because your property is in a high crime area, check with your states insurance commissioner. They may have an insurance plan designed especially for your high risk property that other insurers may be charging you an extremely high premium because of the higher than average risk.

Organization Affiliation Discounts

Many companies offer a discount for being affiliated with certain organizations like credit unions, college sororities, or just having a certain credit card. Call your service center and ask them for a list of the organization affiliations that are offering cheap home insurance.

Shop Around

Check with several different companies and compare rate quotes. Talk to your friends and family and see if they are happy with their insurance provider.

Stay with an Insurer

Once you have chosen an insurer and are happy with them, stay with them. Many companies offer discounts to homeowners who pay on time and stay with them. Several insurers will reduce premiums by up to 5% if you stay with them for 3 to 5 years and as much as 10% after you have been with them for 10 or more years.

Check Your Coverage Annually

Your needs are constantly changing. If you have added an addition, you may want to increase your coverage but if you’ve filled in an old swimming pool that you no longer wanted, you may want to let your agent know so they can adjust your premiums.

Senior Discounts

If you retire, let your agent know. Many companies are now offering discounts to retirees because the figure that they will be spending more time at home and will be quick to spot fires or other potential threats to their homes. Retirees also have more time to maintain heir homes. If you are 55 or older, you may qualify for a discount of as much as 10% so check with your agent.

Don’t throw away your hard earned money. Take the time to find the many ways to get cheap home insurance.

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