9.17.2012

Money Saving Home Insurance Tips

Who doesn't like to save money? Did you know your home insurance is a great place to find savings? You're most likely required by your mortgage lender to carry homeowners insurance on your house and home insurance costs can vary widely.

Here are eight tips to help you start saving money with your homeowners insurance.

1) Saving money when buying home insurance begins before you even purchase your homeowners insurance policy. Take the time to compare home insurance quotes because rates between each company offering home insurance can differ by hundreds of dollars. Take the time to get at least three quotes, and because home insurance comes in many flavors make certain you comparing apples-to-apples with the different policies.

2) Taking the money saving step back one further, make how much your home insurance will cost part of the decision process when buying a home. Factors involving your house, such as the cost of rebuilding in the event o f a disaster, and even the likelihood of a natural disaster befalling your home, will affect your home insurance premium. Taking home insurance cost into consideration when buying a house can save up five, or even up to 15 percent on your home insurance premium.
3) If you buy your home insurance from the same company with which you carry other types of insurance, such as auto insurance, you will most likely receive a discount. The same goes for sticking with your home insurance company. Typically you will receive a discount for being a long-term home insurance policy holder.

4) A quick way to gain home insurance savings is to raise your deductible. You'll be out-of-pocket for any claim, but you'll still be protected by your home insurance against major catastrophes.

5) Save home insurance money by seeking out discounts such as adding safety features like smoke detectors, dead-bolt locks and burglar alarms to your home. Check with your home insurance agent for other discounts available to you, such as senior citizen discounts or discounts for a new roof. Also look into group insurance through your employer or other organizations you might belong to. Group home insurance can be found at a significant discoun t.

6) Take stock of your home insurance policy at least once a year and drop any coverage you no longer need.

7) Making your home more disaster resistant will often save money on your home insurance policy. Items like storm shutters, shatter-proof glass and reinforced roofing can all lower your home insurance costs.

8) Remember you want to insure the structure of your home, not the land it's sitting on. When buying a home insurance policy only cover the value of your home, not the entire property.





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