In Iowa, you do not have to buy homeowner's insurance unless your home is financed. Even so, most people who own their homes outright still choose to buy homeowner's insurance because it's the smart thing to do from a financial standpoint.
After all, most people's biggest investment and most valuable asset is their home. They choose to protect it, of course.
But if you pay too much for homeowner's insurance, it doesn't mean that your home is safer. If you can save money on homeowner's insurance and still get the coverage you want, it would be silly not to look for the best deal.
Let's start with the fact that even if you're getting a loan to buy your home, you can still choose which insurance company and policy to buy. In other words, you are not required to use an insurance company that your lender suggests.
Before we go online to compare homeowner's insurance policies and prices, you need to know what kinds of things can help you save money on your policy. Don't forget that many of the tips in this article can help you lower your monthly homeowner's insurance payments, no matter how long you've had a policy. Tell your agent about anything you've done that might have helped you save money, and your premium can be reviewed and lowered.
Let's start outside your home. Make sure that all weeds and brush are cleared at least 10 feet away from any structure on your property. This will lessen the chance of a fire.
Installing floodlights that turn on when someone moves around can greatly reduce the chance of a break-in, which should help keep your monthly premium low. In the same way, keeping all bushes away from windows keeps burglars away and can lower your monthly insurance costs.
Every outside door needs to have a deadbolt that works, and every window, no matter what floor it's on, needs to have a lock that works. Putting in deadbolts and locks should also make your homeowner's insurance cost less.
And watch out for your credit score. Many people don't know that their credit score also affects how much they pay for insurance, including homeowner's insurance. The less you pay each month for homeowner's insurance, the higher your credit score.
Make sure you have the right number of fire and smoke detectors in your home, and check them twice a year to make sure the batteries are still good.
If you can afford it, you can save anywhere from 20% to 30% on your homeowner's insurance if you have a home security system that is monitored off-site 24 hours a day, 7 days a week, and that reports fires and break-ins directly to the police. Before you pay to have a system put in, talk to your agent.
When you buy your homeowner's insurance and other types of insurance, like auto or health, from the same company, you may get a discount.
If you make changes to your wiring or plumbing, be sure to tell your agent. These kinds of changes can often lower your insurance costs.
Don't smoke. The price of homeowner's insurance is much better for people who don't smoke. If you smoked when you bought your policy but have stopped since then, you should tell your agent. It's likely that your monthly premium will go down a lot as a result.
Buy a fire extinguisher made for kitchens and put it in a place where it is easy to reach. And don't forget to tell your agent.
How much homeowner's insurance you need depends on how much it would cost in today's dollars to rebuild your home from the foundation up, plus how much it would cost to replace everything in your home. Don't make the mistake of insuring your house for the value of the land it's on.
O.K. Now that you know more about homeowner's insurance, you should be able to compare policies like a pro. There is almost no limit to the number of websites that let you compare things, but don't think that you only need to do it on one site.
No site lets you compare the prices of all the different insurance companies. If you want to get discount homeowner's insurance in Iowa and have the best chance of finding the best policy and saving the most money, you'll need to take the time to compare on at least 3 different websites.
