Getting home insurance shouldn't take the fun out of being a homeowner. But high costs make it hard for some people to keep their homes. Here are some ways you can lower the cost of your coverage without lowering the amount of coverage you get.
Read some new quotes.
One way to lower the cost of your home insurance is to check out what other companies have to offer. You should look for ways to save money on your bills and not stay with a company just because you've been with them for a long time. Even though you should know that staying with the same insurance company often gets you a discount, you may want to think about whether the discount is bigger than the lower monthly payments you could get from another company.
You can easily get quotes for home insurance by going to the website of an insurance broker. These websites don't belong to a specific insurance company. Instead, they are owned by an independent agent who works with several different insurance companies. By entering your information there, you can get multiple quotes with just one entry. Visit the websites of more than one broker to get at least six or seven different ones. Then carefully look at both of them.
Add features for safety
Most home insurance companies will give you a discount if your home has some kind of safety feature. This will include things like burglar, fire, and smoke alarms, fire extinguishers, deadbolt locks on all exterior doors, and materials that are resistant to fire and even hurricanes.
Make your deductible higher.
When you make an insurance company less likely to have to pay out money, they will almost always lower your rates. If you raise your deductible to, say, $1,000, your rates will go down, maybe by as much as 25 percent. But you should always make sure you can pay this amount if something bad happens to your home, because the insurance company won't pay until you do.
Insurance Policies with the Same Company
If you have more than one policy with the same company, you may get a discount. If they have both your car insurance and your home insurance, check to see if you get a discount. But it might not be a good idea to switch all of your policies to the same insurance company until you compare prices and see which company gives you the best deal overall. You might get a discount if you switch, but you might get an even bigger one if you move to a new company.
Maintain a good credit record.
You might not believe it, but your credit history could affect how much you pay for home insurance. It seems like more insurance companies are looking at people's credit scores and setting rates based on that. You should get a free copy of your credit report every year so you can check it and see if any of the information is wrong. Then fix it right away and keep it working well.
