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Topics: Property Insurance |
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| Reduce Your Home Owner's Insurance Premium |
Submitted by:
justinsvr 12/31/2008 3:55 PM
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I have been diligently trying to reduce my monthly expenses and realized that I know nothing about my homeowner's insurance policy. When I purchased the policy, I just needed something quick so that I could qualify for my mortgage and close on my house, so really didn't spend much time shopping around. Likely my first mistake. I figured it was time to update my policy and try to find a better deal.
I was told by my Progressive, my auto insurance company, that I would get a discount if I had my homeowner's insurance policy with them too. So am going to find out what that price would be.
I also found the following tips from an msn article greatly helpful in understanding my policy and finding a good deal on a new one.
1. Shop around (obvious)
2. Raise your deductible to the most you can afford - most deductibles are $250, but msn says if you raise that you $500 you will save 12%, raise it to $5000 and you'll save 37%!!!
3. Buy your home and auto policies from the same company for a discount (at least I knew this one)
4. Consider insurance consequences when buying a home, ie. age of the house, condition of house, location all effect the cost of your premium
5. Insure your home, not the land
6. Improve security and safety, you can save 5%-20% depending on the safety and security options you install
7. Stop smoking (I read once that something like 2/3 of the house fires in my state were caused by cigarettes--my co-worker being one them!)
8. Try senior discounts, could save up to 10%
9. Ask about group coverage through alumni or business associations
10. Stay with an insurer, insurers my over discounts after you've been with them for a certain number of years
11. Check your policy annually, to ensure it reflects the value of your home and belongings
12. Look for private insurance first
13. Make payments electronically, some companies charge $5 to mail payments
14. Check your credit rating, this may effect your policy
15. Get replacement-cost coverage, not the actual depreciated value, but the actual cost to replace that item if you had to go out and buy it today.
Here is the link to the complete article: 15WaysToSaveOnHomeownersInsurance
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