How do I lower my home insurance premium? It’s an important question, especially as the costs of homes continue to rise every year, even in areas where there isn’t any severe weather or disaster threats. Fortunately, if you know what you’re doing, you can cut your home insurance premium down and still have the protection that you need. Here are five tips to help you get started on lowering your monthly home insurance premium payments.
- Home Insurance Plans
Deciding on a home insurance plan is often one of most difficult tasks new customers have to face when shopping for insurance. There are so many companies, plans and options that it can be difficult to pick out exactly what you need. If you’re in your first year as a homeowner or moving from an apartment, it’s even more difficult because you don’t know what to expect from your insurance company. Here are five tips that will help you save money on your home insurance premium
- Cheap Home Insurance
Plenty of people mistakenly believe that affordable home insurance is just a myth and they can’t afford it. However, getting it is rather simple to achieve as long as you know what the main factors are that insurance companies use to determine rates. As an example, individuals who live in areas that are faced with flood or fire threats often have higher premiums because their risk level is very high. If you can find a way to reduce the risks (for example, installing a sprinkler system or getting storm shutters), then chances are your home insurance premium will go down.
- Home Insurance Premium
Home insurance premiums can be high and vary widely. Rates can be reduced by raising deductibles, paying higher deductibles, changing policy coverage limits and also moving to a safer area. If you’re looking for cheap home insurance in general, there are some key areas to focus on: deductible, policy limits, and location. We’ll explain each one of these factors in more detail below.
- Discounts
The first step to getting cheap home insurance is to find out which discounts are available. There are plenty of discount opportunities out there, and some of them even apply to both homeowners and renters. Some commonly available discounts include: bundling your home and auto policies (it’s generally cheaper to bundle than not), automatic payments, owning a deadbolt lock and having multiple policies with one company. If you think about all of your insurance needs—including life, health, car, home—you may be able to score additional savings by being a customer for all those areas at once. This is known as multi-line discounting.
- Shop Around
When you shop around for home insurance, not only will you learn what coverage options are available to you, but by getting multiple quotes, you’ll also be able to get a better idea of how competitive your particular market is. Home insurance isn’t like a grocery store where once you enter, everything is set in stone. That cheap home insurance could be different depending on who you talk to. In some cases, it might not even include coverage for floods and earthquakes! Before agreeing to any one plan or policy, make sure that your agent or carrier can give you all of your options—including price ranges and features—in writing.
