Many people do not realize that in order to get the lowest rate on their homeowner’s insurance, there are many things that they could be doing. From start to finish, shopping for homeowner’s insurance can be something that when well thought through does not have to be as pricey and expensive as some would imagine it to be. There are many different ways to go about lowering your rates.The first and most obvious step in saving money on your homeowner’s insurance comes in shopping around. You can find listings by
The first and most obvious step in saving money on your homeowner’s insurance comes in shopping around. You can find listings by the state at the Consumer Action Website or by checking out the National Association of Insurance Commissioners’ Website. (http://www.naic.org/).
This will enable you to have a good start on different insurers, but also, have a look through your local yellow pages and online insurance websites for quotes and comparisons. One of the Best home insurance ratings & reviews websites is RatedInsurance.com. Here you can checkout which insurance provider is the top rated specifically for your state.
You’d be amazed at how a little legwork can reveal a big difference in your rates right off the bat. Two other websites you can check out to compare ratings are Standard and Poor’s (http://www.standardandpoors.com/en_US/web/guest/home) and AM Best (http://www.ambest.com/).
Being able to work out what you want to do insofar as discounts is another way to save money on your homeowner’s insurance. First, you may want to ask if you can combine your auto and home insurance- many insurances offer discounts for combined policies. Also, you can find a great many discounts in security improvements and disaster preparedness as well as discounts for retired people as well.
There are a number of different discounts that you can find, if you know to ask about them, including home security discounts, disaster readiness discounts, discounts for retired individuals and more. Be sure to inform yourself of the various discounts that may be possible for you.
Raising your deductible is also a way that you can save on your homeowner’s insurance. According to the terms of your policy, your deductible is what you would pay in the event of a loss- so, if you can afford to raise your deductible a bit, you may be able to save on your premiums. Consider though if you live in areas where disasters are common the variables there and which areas you feel more comfortable with a higher deductible and act accordingly.
Being able to keep the coverage you want, but lower your rates may be an option as well. Doing a little homework and asking around can be a great benefit to you, and you may want to sit down with your insurance agent and discuss what sorts of options are available to you. Consider if you have been with your insurer a long time, asking about a long term policy holder discount. You can lower your insurance premiums, but the very first step is in asking to see what sorts of options you may have.