Is your home funded by a financial institution or a bank? If so, homeowner’s insurance is an absolute must. It is not necessary, however, to have the same homeowner’s policy that your financial institution or bank recommended. Options are available – you can change policy to almost any home insurance company you desire. Even better, it’s quite likely you’ll save a good chunk of cash by switching over.
It matters not what insurance company you’re currently with. There is more than one way you can go about saving money on your insurance premiums. Sometimes, these savings can go into the hundreds of dollars every single year.
Get Full Coverage
The first thing you need to do is be certain your insurance policy covers the entire replacement price on your home. Avoid the error of getting insurance for your home’s land. The actual land itself won’t be destroyed by fire, flooding or any other type of disaster. It’s the home and all possessions inside the home that you have to watch out for.
The general rule: Low monthly premium is the result of a high deductible. It means you will probably have to fund most of the household repairs out of pocket. In cases where there’s a large amount of losses, though, you won’t be cleaned out in your effort to rebuild.
Keep a good amount of smoke detectors and fire detectors, and make sure all of them are functioning. All doors in the home should have a working deadbolt lock. All windows should have a similar lock. Brush, weeds and trash should be cleared from around your household.
If all of these precautions are met, your home will be less susceptible to fire. This may save 5% or above on your home’s insurance policy.
Try to keep an immaculate credit history. This is an oft-misunderstood area of homeowner’s insurance. Insurance companies will look at the grade (good or bad) on your credit record and will frame your monthly premium based on it.
Are you age 55 or older? If you are, check if your insurance establishment possesses senior discount on homeowner’s insurance. Loyalty to one company for a minimum of three years – with the same homeowner’s policy as well – can mean the insurance company offering you a discount. This discount can conserve 5% plus on monthly premiums.
From there, go online to compare prices and policies. Do this for at least three websites that provide comparisons for insurance policies for homeowners. Keep in mind that you undoubtedly must compare various websites if you really desire saving money.
Comparing and contrasting all these company policies can be quite time-consuming, but once it’s all over, you’ll be saving tons of cash in many different ways.