Home Insurance Articles
3 Common Ways To Lower Home Insurance Premiums
2010-07-08
If you own a home you may have noticed that home insurance premiums have escalated considerably over the last few years. With that being said, how do you find affordable home insurance? There are a few simple ways you can cut down the cost of your premiums. See how much you could be saving using these guidelines.
One of the easiest ways to lower premium costs for home insurance is by increasing your deductible. This is the portion you would pay before the insurance company pays for a claim if something happens to your home. With home insurance premiums on the rise, it's worth it to risk paying more in the event of a claim than paying a high premium each month.
If you raise your deductible to at least $500 or more, you could be saving up to 25% on your home insurance premiums. The higher you raise your deductible, the more you'll save each month. Consider how much you would be willing to risk paying if you should have to file a claim when choosing your deductible for home insurance.
The second easiest and most common way to lower your home insurance premiums is by combining your policy with your auto insurance policy. Many insurance companies offer both types of policies and offer a discount for buying both through them. This will help lower the rates you pay for insuring your home as well as your vehicle. Although, before you combine policies, make certain that this is a more affordable solution than buying each policy from different insurers. You may find an insurance company that will offer a lower rate for your home insurance.
Finally, look into additional discounts available for home insurance. Insurance companies offer many discounts that vary from state to state. Check with your insurer to find out what discounts are offered that you may be eligible for. Your age, for instance, could impact your home insurance premiums and may qualify you for a discount. Retired homeowners can receive discounts since they're home more often, reducing the chances of something happening to their home.
Additionally factors like having smoke detectors, fire and security alarms, and deadbolt locks could qualify you for discounts. Insurance companies may offer as much as a 15% discount on your home insurance premiums for having such devices. The more effectively you protect your home the more you can save through home insurance discounts.
Your home is one of your most valuable possessions. You want to be sure it's well protected with adequate home insurance coverage. However, you don't have to pay a fortune to do so. Minimizing your home insurance premiums can be easy.