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Home insurance rates have increased considerably over the years depending on a number
of factors including your insurance company, deductible, credit score, discounts,
and other variables. When you're shopping gor a home insurance policy, it pays to
educate yourself on how to get the best deal and save on your premiums. Here are
10 ways that can help you save on home insurance considerably.
You may qualify for a discount if you meet certain requirements. Talk to your agent
about different discounts or carefully read over your policy. Some insurance companies
offer discounts to retired people aged 55 years old and above while others give discounts
to military families. Don't be afraid to ask what you can do to lower insurance premium.
And, if you've added things such as fire alarms, smoke detectors and extinguishers
or a security alarm system to protect your home, these safety measures can also help
you save on premiums.
If you've a low credit score, it'll have an effect your insurance rate. Make an effort
to raise your score and you'll see a decrease in your home insurance premiums.
3. Combine Insurance
If you use the same insurance company for multiple policies such as your auto and
home insurance, then you may qualify for a discount of up to 15%. Adding additional
members of the household to your auto policy may also lower your premium. If you're
unsure, ask your insurance agent .
4. Homeowner's Association
If you reside in an area that's part of an association, then you may qualify for
a discount. Insurance companies consider homes that are part of an association are
a lower risk since it's in the best interest of all homeowners to look out for each
another. Proximity to fire hydrants, fire stations etc can also earn you discounts.
5. New Home
If you're buying or building a new home, you can qualify for a discount as newer
homes usually have the latest, more efficient electrical, heating and cooling systems.
Also, if you've upgraded these systems in an older home, inform your agent. You may
still be eligible for discounts.
6. Raise Your Deductible
Homeowner’s policies typically carry a $500 deductible. If you raise your deductible
to $1,000 or more, it can reduce your premium rate. However, do this only if you
already have set aside an emergency fund.
7. Quit Smoking
A non-smoking household pay less for their home insurance than a smoking household
since there's an increased risk for a potential household fire. Reduce your home
insurance premiums by not smoking and you'll have the added benefit of a healthier
8. Consumer Loyalty
If you've been with your insurance company for some years, you may be qualify for
a discount of up to 10%. Like most businesses, insurance companies are happy to retain
their customers, and if you refer someone, they may even reward you an additional
9. Understand Your Policy
If you've had your insurance for a while, you may not need the additional riders
that you once did. If you've sold or given away valuable jewelry or artwork, update
your policy and take advantage of a reduced rate.
10. Update Information
Inform your home insurance company of any recent changes such as getting married,
adding a security system or if you’ve quit smoking. Updated and accurate information
may lower your premiums significantly.