If you're about to buy a home, you can't get around the fact that you need Homeowners insurance. Homeowners insurance can cost as little as $400 a year or as much as $2,000 a year, or even more in some parts of the country, depending on the size of the home. The amount of Homeowners insurance you get will also depend on the value of the things inside your home, such as how well you take care of renovations, and on whether or not your policy will cover expensive electronics and jewellery.
Once you know what kind of policy you want, you can talk to insurance agents about how much it will cost each year and each month. One thing to keep in mind when looking for Homeowners insurance is that the rates won't vary that much from one company to the next. However, there are small ways to save a few dollars to a few hundred dollars by taking advantage of Homeowners insurance discounts.
Installing a home security system, but not one that barks and growls, is one of the easiest ways to get a discount on your homeowner's insurance. Many insurance companies work with security companies like ADT or Brink's and will give you a discount if you use both their insurance and security services.
Even if you get Homeowners insurance and decide to install a security system later, don't forget to call your Homeowners insurance company to get a discount on your insurance once the system is set up. There may be more discounts if the home has motion sensors or even video surveillance cameras.
Fire and carbon monoxide detectors, fire-resistant doors, brick, and even walls are all great ways to get a small discount on your homeowners insurance. Remember that not all companies offer the same discount for fire resistance and fire protection, so it is best to do research on how much of a discount can be gotten before remodelling the whole house for fire resistance.
Having newer appliances is another great way to get a discount on your homeowner's insurance. Older appliances are more likely to have bad electrical connections, which can make the home more likely to catch fire.
The kitchen is the best place to start updating appliances because it is the most likely place for a fire to start. A lot of other insurance companies will give you a discount if your plumbing and electricity are new or if your house is less than ten years old.
Some homeowners aren't willing to consider a higher insurance deductible, which is the amount they have to pay before their insurance starts paying for losses or damages. However, asking for price quotes with higher deductibles is a great way to get a discount on your insurance.
Most homeowners insurance companies have a minimum deductible of $250 to $500. Try raising your deductible by $250 and see how much you can save in a year. This can sometimes make a difference of $100 to $150 a year on the total cost of insurance.
Remember, though, that if you go this route, you may end up paying more than that $150 a year you saved if something happens to your home and you have to pay the higher deductible. Just think about the pros and cons of a higher deductible and decide if it's right for you.
The last surefire way to get a benefit from your homeowner's insurance is to be a member of a club or group. This could just mean that you are in the "65 and older" club and get a discount for being an older person, or it could mean that you are already a member of the bank where you want to buy Homeowners insurance. Some insurance companies will also give you a discount if you plan to use them for both your car insurance and your home insurance.
Before you settle for the first set of numbers the insurance company gives you, be sure to ask about these discounts and make your assets work for you when shopping for Homeowners insurance.
