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Saving money is a good thing and saving on homeowners insurance is especially nice. Here are the top ten ways to save on your homeowner’s policy:
- Shop around- The first way to save money applies no matter what you are shopping for. Different companies insurance prices often vary considerably.
- Multiple policy discounts- Many companies will give you a sizeable discount when you purchase multiple policies from them including your automotive, homeowners and life insurance.
- Increase your deductible- This is the amount you would be required to pay before the insurance company’s liability kicks in. This would make you responsible for small damages that occur, but still keep you covered for major catastrophes. Be sure that the deductible is an amount you can afford to pay and weigh the monthly savings against any costs you would occur should disaster strike.
- Have a safe home- The cost for insuring a home with newer, safer electric work and made from brick, is less expensive than having older wiring and a wood home. The safer and less likely to be damaged your home is, the less it costs to insure. Having a swimming pool will cost you quite a bit extra, so you might want to consider getting a pass to the local community center instead. Check with your insurance agent to see what other safety upgrades you can make to reduce your rates.
- Quit smoking- You might be surprised to learn that this will lower not only your health insurance costs, but your homeowner’s rates as well. Numerous homes are burned to the ground each year as a result of smoking related accidents. Not only should you quit smoking, you should also not allow anyone to smoke in your home and keep matches and lighters out of the reach of children.
- Do not insure the land- Even if your home burns to the ground, the land will still be there. Insuring the cost of the house and contents only will save a considerable amount on your insurance bill each month.
- Check for association discounts- Often groups such as employers, alumni associations and other clubs have worked out group discount rates with a particular insurance agency. You might save anywhere from 5-20% as a result of a group rate discount so be sure to check with any groups that you associate with.
- Stay with the same company- If you maintain your policy with the same company for a long period of time, you may get a loyalty discount.
- Consider automatic or lump sum payments- Having a paper bill and making monthly payments usually costs you at least a few extra dollars every month. Those few extra dollars add up over the course of the year. You can either pay your premium once a year or have automatic monthly electric debits set up.
- Review your insurance needs yearly- You may find your needs will change due to changes in the value of your home or belongings.
There you have the top ten ways to find discount homeowners insurance. Shopping around, making your home safer, multiple policy discounts and increasing your deductible are all great ways to save money on your policy.
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