How to get cheap home insurance can seem like an impossible task, especially if you’re new to home ownership and don’t know where to start looking. Luckily, we’ve found five ways you can use to save money on home insurance and help you become a responsible homeowner at the same time! Let’s take a look at how you can get cheap home insurance rates in 10 easy steps.
How Can You Save Money On Home Insurance
Knowing how to get cheap home insurance is a smart way of getting your house and property covered. Before you start shopping for rates, make sure you know about all of your options for home coverage. If you don’t have any major factors that affect the price of your premium, then it will likely come down to where you purchase your policy from. Some insurers may charge a penalty fee if you cancel your policy before paying a term out in full. Other providers might offer discounts on yearly premiums if you have solar panels or choose one with lower deductibles.
Comparing how to get cheap home insurance quotes can seem like a challenge when some services do not display their prices upfront. However, there are many ways that you can research whether potential carriers would be cheaper than others. Start by asking friends and family members who they’ve gone with in order to find out how much their homeowners policies cost them over time.
Maintain a Good Credit Score
Your credit score is one of the most important factors in determining your insurance rates. If you maintain a good credit score, you’ll likely see a drastic reduction in your home insurance rates. But how do you maintain a good credit score? First, try not to use all of your available credit at any time, and make sure you pay off your balances on time. Also, if you have any unpaid collections or judgments against you, these will lower your credit score as well. Finally there are some other little things that can affect your credit score such as making late payments or closing accounts without paying them off which can reduce your overall utilization rate and result in lower insurance premiums for you.
Raise the Amount of Your Deductible
Insure your home with a higher deductible and reap the benefits of lowered monthly premiums. For example, if you have a property worth $100,000 with a $250 deductible your monthly premium is $280. If you raise the amount of your deductible to $500 your premium will only be $200. This method can provide you a lot more savings for minimal risk as most people won’t make claims on insurance unless it’s over half of their homes’ value. It also protects you from yourself- an unforeseen event such as replacing an air conditioning unit may force you into spending out of pocket expenses which would otherwise not occur. Raise the Amount of Your Deductible: Another way to save on your homeowners insurance policy is by purchasing coverage limits in case something were to happen to your house. When considering this method make sure that what you are insured for exceeds what would be needed for replacement costs.
Bundle Insurance Policies
Bundling insurance policies will allow you to put your risk together, which can result in significant savings. For example, you could bundle your auto and home policies together for up to a 30% discount on both. Or bundle life, health and auto with car rental for up to a 10% discount on each policy. Bundling not only saves you money but it simplifies the process of keeping track of all your insurance policies. Now instead of filling out a form with five insurance agents, all you have to do is call one company, who can cover everything without any hassle or additional costs. The agent may also be able to help find more discounts if you are willing to bundle more than two policies.
Don’t Skim on Research
When buying insurance for your home, you should make sure you do your research. If you’re in a high-risk area, you’ll need more coverage than someone who lives in a lower risk zone. Also, if you have a unique property that might be difficult to repair or replace, it’s worth looking at insurances that offer specialized policies for those homes. The last thing you want is to find out after an unfortunate event that your insurance doesn’t cover what you need it to. When shopping around for quotes, don’t skim on research as this can lead to getting overpriced or inadequate coverage. You’ll want to look at all options before settling on anything so that when disaster strikes and it’s time for payment there will be no surprises.
Enquire About Discounts
It’s not just about getting a cheap home insurance rate, it’s also about getting a great policy that suits your needs. When you enquire about discounts, you will find out about special offers and may be eligible for a discount if you have been with the same company for a number of years or pay your premiums annually. You should always ask about coverage limits and deductibles when enquirering about discounts. If you’re interested in reducing your rates further, ask if they offer multi-policy rates where they offer group rates to those who are covered under more than one policy from their company.
Better Home Security Means Lower Premium
Your home and belongings better Home Security Means Lower Premium
are one of your most valuable assets, so it’s no surprise that you want to get top dollar for them. One way is by choosing the right insurance policies for both your home and your belongings. In order to get a better rate on your homeowner’s policy, be sure you’re maintaining a good credit score, raise the amount of your deductible, bundle all of your insurance policies together (i.e. auto and homeowner’s), don’t skim on research, inquire about discounts and always make sure you have better home security measures in place (i.e., firewalls).
When bundling policies, it may seem like common sense to include your car into with any other personal property such as clothing or jewelry. However, when comparing quotes between standalone homeowner’s insurance and bundled solutions, there can be significant price discrepancies – just ask! Allowing your personal property insurance agency to understand exactly how much coverage they need will not only help them save money now but also allow future benefit from a myriad of outstanding promotions. Better home security means lower premiums when comprehensive protection is provided.
The First Thing You Should Do After Buying New Homeowner’s Insurance: The first thing you should do after buying new homeowner’s insurance is make sure everything on your inventory list has been covered thoroughly.
Loyalties Pay
So, you want cheap home insurance? You’ve come to the right place. Loyalties Pay is here to help with that! We understand how tough it can be when shopping for a new insurance company. There are so many different rates and terms out there, it’s hard to know which one is best. So we have done some research and found three of our favorite inexpensive home insurance companies below. Make sure you read through them before you make your final decision about which one is best for you! What sets Loyalties Pay apart from other competitors in the industry is that we offer everything in one package. That means your car, life, home and much more will all be insured together on the same plan. And if you’re not already convinced by this point then let me add in this tidbit: most clients save over $1,000 a year on their monthly premiums just because they use us. See? What did I tell you!
The Newer The House, The Better
Looking for the cheapest home insurance rates? The newer the house, the better! In recent years, insurance companies have begun charging higher premiums for older homes. This is due to the likelihood of damage being much greater in an older home due to long-term wear and tear. It’s important to find a balance between your budget and what you can afford as a homeowner. Paying too much each month on your monthly payments can mean more expensive repairs if there are any damages at all. That doesn’t mean that the newest house will always be the best. There are factors like the age of the roof, weather exposure, and even construction quality that come into play when determining how safe a home really is.
Location Of Your House
Location is important in obtaining cheap home insurance. The location of your house may affect your rates. If you live in an area that has a high crime rate, you will have a higher risk of getting robbed and burglarized, which can increase the cost of your insurance. Location also determines if there are natural disasters or other threats to your property like earthquakes, floods, hurricanes, and tornadoes. The location of your house will not only determine how much you pay for your monthly premium but also what deductible amount applies to losses due to disaster.
Conclusion
The cheapest home insurance rates are available for those who maintain a good credit score, raise the amount of their deductible, bundle insurance policies, don’t skim on research, enquire about discounts and take into account loyalties payments. In order to get the best price possible it is important to keep in mind where your house is located and how old it is.