Home : Top 12 Ways To Save on a Homeowners Insurance – Enid T. Almendarez – Medium
As home owners loan is an added burden in addition to the monthly mortgage. So, wouldn’t it be helpful if you could somehow save on your homeowners as there is no way you could avoid it.
These 12 tips can help you save money on your monthly premiums –
- Have a good credit
A good credit card score manifests you being responsible enough to pay your premiums in the allocated time period. A poor credit card score portrays you as an irresponsible person and these people are likely to be charged with high premiums. To save money on your homeowners insurance make sure you have a good credit card score that shows how reliable you are.
2. Raise your deductibles
To save money on the monthly premiums you can raise your deductibles. Deductible is the money you pay for any kind of loss before your insurance company takes care of the rest. Doing this, you save at least 25%.
3. Affiliate yourself with some organization
Certain organizations give you the benefit of availing yourself a discount if you are affiliated with them. The organizations may be colleges, sororities or even if you are the member of a certain credit card union.
4. Hire a broker
Brokers are familiar with the industry more than you are and they are aware of the different prices and can list out a comparison chart. They can help you with special discounts, the ones you never even heard of before. Hiring a suitable broker may lead you to getting the best coverage for your house.
5. Compare rates with other insurers while renewing
Many Insurance Companies raise the rates yearly. So while renewing your house keep your options open to other insurers. Although you might get customer loyalty discount, but make sure to compare the prices with other carriers. Stay with your current carrier once you are sure that the rates are decent enough for you.
6. Inform the insurer about your job
Certain jobs like soldiers, nurses, fire-fighters, teachers etc get special deals and discounts. Make sure you check with the insurer on what benefits you could get depending on your job.
7. Pay your mortgage
Inform your carrier when you finish paying the mortgage of your house. You can score some insurance savings if you pay the entire money of your mortgage.
8. Keep a record of your claims history
For those, who have not filed a claim in the last 2 or 3 years, companies give you the privilege of low premiums. Cross check your record with theirs so as to get the rates you deserve.
9. Buy a house in a safe location
Take a look at the crime rates and flood risks before you decide to purchase a house in a particular area. Keep looking as long as you do not find the option suitable enough for your criteria because a house in a safer location reduces your insurance costs significantly.
10. An insurance package
Insurance packages save a lot of time, effort and money. For instance, add your home insurance to an existing auto insurance with the same insurer. You will of course receive discounts as you will also be making business for your insurer.
11. Do not include the land cost
The rebuilding cost of a house should not be what you paid for the house as the land under the house is not in risk of theft or winds, rains and storms. Make sure you do not use the value of your land when you decide on how much to spend on the homeowners insurance otherwise you will end up paying higher premium.
12. Ask for additional discounts
Different Companies offer different types of discounts. For people who work from home or for retired persons who spend most of the time indoors, the issues such as theft or burglary seem to happen less than the ones working away from their homes. Some companies offer an additional discount as much as 10% in these cases.