Buying Homeowners Insurance – Tips to Save On The Cost Of A Policy

Tips to help you save money on your homeowners insurance policy. If you are new to owning an insurance policy, let alone a new home owners insurance policy there are some things you should know about that can help you save money with your policy not only now but in the future.

Tips For Saving Money On Your Homeowners Insurance Policy

Avoid Unnecessary or Small Claims – The cost of your policy premium can go up each and every time you make a claim no matter how big or small the claim is. If you file too many claims you could get your policy canceled by your insurance company as being too high of a risk. Once you have been terminated by one company you may have a tough time getting another policy without paying high risk rates.

Increase Your Deductible – Your insurance policy deductible can dramatically lower your policy premium amount. The higher the deductible the lower the premium. The only caution about increasing your premium is that if you have to make a claim you will have to pay your deductible, so make sure you have this money set aside or are prepared to pay it if necessary.

Increase Your Credit Scores – Credit scores and your credit have a lot to do with the premium you get with your homeowners policy. You may want to consider credit repair or some other ways to clean up your credit report to improve your scores. Speak to your agent about changes to your policy premium with improvements to your credit scores.

Comparison Shop – Believe it or not, there are differences between what insurance companies will offer you in terms of policy coverage as well as policy premiums. For example, you may get a lower quote from one insurance company that specializes in older homes when compared to another company that does not want to insure older homes. Get quotes from at least 3 different insurance agents.

Ask About Policy Discounts – Most insurance carriers give discounts for a variety of things like having multiple policies.

One caution about saving money on your home owners insurance policy – do not lower your coverage because your home’s value has gone down. For more information about this see: Save Money On Insurance But Do Not Skimp On Homeowners Property Insurance.

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