It may be tempting to forgo getting the insurance for your new home but that is a real mistake. It may be hard to pay the premium for homeowners insurance but you will have more peace of mind and less to worry about if there is a disaster or even a more modest problem with your home. There are ways you can lower the amount you pay to your homeowners insurance company. Here are a few ways to do just that:
- Get more than one quote. By looking around and getting quotes from different homeowners insurance companies you will get a better idea of your options and you can save a lot of money in the process. Start by talking to the people in your life that you trust. This is one of the best ways to get better goods and services.is to get recommendations from people you trust. You can also check out the website for the National Associations of Insurance Commissioners www.naic.org. Price should be one of your considerations but do not let it be the only one.
- Consider what happens in your area. If you live in an area that is hit by hurricanes, blizzards, suffers from wildfires, tornadoes, of earthquakes, you may want to spend a little more on your homeowners insurance. Make sure your policy covers the disasters that often hit your part of the country. Flood insurance, for example, is not a part of many policies.
- Consider a higher deductible. The deductible is the price you pay should you need to file a claim with your homeowners insurance policy before the company will chip in anything. The minimum is usually $500. If you think you can afford to pay $1000 for your deductible (you only pay this if you need to file a claim), you can reduce your monthly premiums by about 25%.
- Cover your home, not the land. When new homeowners look for what kind of insurance their homes need some will include the value of the land under the house. This causes them to overestimate how much insurance they need. This causes the price for that insurance to go up. Save yourself the hassle and cost and just leave out the value of the property under the structure of the house.
- Bundle your insurance policies. If you own a home, there is a good chance that you also own a motor vehicle. By having all of your insurance plans with the same company, you can save a lot of money on all of your coverage. If you add life insurance or a policy for another kind of vehicle, your savings can grow and grow.
- See what discounts you can qualify for. A number of insurance companies offer discounts for members of AARP, former and active military members, people who belong to AAA, and for other reasons. You may be able to get discounts based on where you went to school or where you work. When you are looking for a homeowners insurance plan, it is worth asking around about possible discounts.
- Clean up your credit report. People with good credit scores can get discounts and better deals on a host of things such as insurance policies. Before you start looking for the right policy for you, you should run your own credit report to see if there are any mistakes that you can clear up. If you can, start working on your credit score well before you start looking to buy a house.
- Beef up the security of your home. You should take steps to make your home more safe from criminals and the elements. Get a new home sercurity system. Keep the locks up to date. Put in wind resistent windows and take other precautions to help your home weather storms and disasters. All of these things can help you get a lower rate on your homeowners insurance.
Having the right insurance for your home can do a lot to give you and your family peace of mind. The United States is home to some of the most extreme weather. That makes it all the more important to get the right insurance coverage for your home.