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Save Money On Your Homeowners Insurance |
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It is possible to save money on homeowners insurance. Insurance companies offer discounts for a myriad of reasons – how close you are to a fire station or fire hydrant, the age of your building, do you have a burglar alarm, new home wiring or “knob and tube”, and the material used in the construction of your home. Here are a few ways you can save money on your homeowners policy: Go Shopping! (For Homeowners insurance) Look into several insurance companies and obtain rate quotes. Higher the Deductible – Lower the Premium. The deductible is the amount of money you have to pay toward a loss before your insurance kicks in. The deductible typically start around $250., however, if you increase your deductible you can save money on your monthly premiums. Here are some examples:
One caveat; make sure you can afford to pay the higher deductible if something should happen.
Consider insurance consequences when buying a home. A newer home will typically be less expensive to insure then an older home, as a newer structure is likely to be in better condition than an older home. Furthermore the plumbing and electrical systems are likely to be in superior condition. For insurance – The value is in the structure, not the land. Insure the value of the structure, not the land. If your home should be destroyed in a fire, how much will it cost to rebuild it? Your insurance agent can help you decide this. (in 2007 you can figure $150-$200 per square foot to have your home rebuilt with a reputable contractor) Secure your house. Installing a simple deadbolt (which most homes have) can save 5% on your premium, same with smoke detectors, and simple burglar alarm. If you call your insurance company and ask which type of burglar alarm they prefer you may save as much as 15% if you install it. Don’t Smoke. You may be given reduced premiums for declaring a non-smoking household. Smoking accidents account for more than 22,500 residential fires every year. Senior discounts – 10%. Since the elderly spend more time at home then working folk they tend to spot fires sooner and have more time to maintain the home. Insurance companies reward retired individuals over 55 for and offer discounts up to 10%. Group coverage. Alumni and business associations often work out insurance deals with an insurance company, which includes a discount for association members. Ask your association's director about any such deals. Insurance Company Loyalty. If you have been loyal to one insurance company for six years they may offer a discount up to 10% on your premium. (Three to five is years may reward you 5%) Don’t be too CHEAP!!!, Check your policy annually. You want your policy to reflect the value of your home and belongings. If you review your policy every year, you will be able to make the necessary adjustments. Did the value of your structure change? If your homes value increase, you should increase your insured value. Additionally if you purchased a high-end item such as a Steinway Piano, you should let your insurance company know so it will be covered in an accident. I am optimistic this information will help you become a informed home owner. Elena Neely
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I Am Never Too Busy For Your Referrals!