Some suggestions for bringing down your rates do reduce the scope of coverage you get and are, therefore, NOT advisable. You can, however, easily pay far less without downgrading the quality of your coverage if you have and apply the right tips. These are tips that are good for you...
1. You can get cheaper rates if you're retired. Since not every company gives this discount, find out from your agent before you put pen to paper.
The rationale behind this discount is that folks who are almost always at home are less likely to have a burglar. In addition, Fires will be quickly spotted and put off if someone is always around.
2. You should obtain a good discount if you have remained with your insurance provider for 3 years and above. Nevertheless, I do NOT expect that you stay with an insurance company for that long just because you're looking to qualify for a loyalty discount.
Believe it or not, you can almost always find an insurer that offers a far cheaper rate than what you are currently paying. The key is doing thorough shopping. Obtain quotes from any reputable home insurer you know you have never obtained one from and also always obtain and compare home insurance quotes from up to 5 quotes sites about twice yearly.
3. There's the likelihood that you could pay less for home insurance if you spend time to check your policy either whenever there's a considerable change in your home or just always once of twice annually. The worth of your diamond ring might have changed considerably and so require that you review your coverage.
You'll save and still have enough coverage by reducing your home insurance coverage accordingly if it has dropped in value. However, remember that doing this could as well reveal that it's now worth much more and therefore require that you increase your coverage. The interesting thing, though, is that whichever it turns out to be you will be at an advantage.
4. Maintaining a government homeowner's insurance policy could be making you spend a lot more on home insurance than you would private companies. Some areas used to have great difficulty in getting home insurance coverage. The only way out for such folks then was to go to a government agency that offered government homeowner's insurance. But this has changed in some areas as some private insurers have braved it and found a way of giving insurance to such places.
Many may still have little or no other means of getting home insurance coverage apart from a government homeowner's insurance. Nevertheless, this is not generally the case as you may get better coverage at a cheaper price from some private insurers.
5. Don't buy a home without getting a CLUE (comprehensive Loss Underwriting Exchange) report if you are determined to save on homeowner insurance. This report will show you things that could make you pay a lot more for home insurance.
Residing in a town where there is only a volunteer fire service, for instance, will definitely mean you'll pay higher rates. Having a house near to a police station or fire hydrant will as well lower your home insurance rates.
Therefore, ensure you don't buy a home until you've gone through this report. The little savings you made on buying the wrong home might become insignificant when compared to the premiums you'll pay over the years.
6. A home that has a smoker or smokers will receive more expensive rates. And statistics have it that over 23,000 residential fire every year are caused by smoking. You'll spend less in home insurance if no member of your household smokes. If you quit smoking successfully for over 12 months, tell your agent and demand for a well-deserved discount. If your insurer refuses to reduce your premiums after you've stopped, go to another insurer.
7. Upgrade your heating, electrical and plumbing systems to modern standards and you'll attract a discount of as high as 15%. Although you may enjoy the old-fashioned fire place, you do know that it is definitely not as fire-safe as a modern heating system. Your home is safer if you opt for modern standards. Make good use of them as they will not only reduce your homeowner insurance spend but add to the worth of your structure in many cases.
Author Resource:
Learn more here: Home owners Insurance Quotes and Cheap Home Contents Insurance . Chimezirim Odimba is an insurance expert.
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