Cheap Home Owner Insurance -- Reduce Your Costs Without Risk

If you must get big discounts on your homeowners' insurance policy, then you must NOT miss certain things. I'll show you some of them here...

1. You'll get more affordable premiums if you get group homeowner's insurance. Many associations have also arranged discounts for their members with home insurance carriers so ask if yours has such.

But before you buy see if you can get a lower home owner insurance premium with another carrier than that offered your association. For a good number of reasons you may be better off NOT buying from a particular group's insurer. So it actually does pay to shop if you want the most affordable rates.

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2. If you're retired, you can pay lower premiums with a retiree discount. Since not every carrier gives this discount, find out from your agent before you put pen to paper.

The rationale behind this discount is that people who're more often at home are less likely to be burglarized. The risk of fire damage is also less with people who're often at home since they will likely spot them early.

3. Have you stayed with your home insurance provider for up to 3 years? Then make a demand for a loyalty discount. However, I don't expect that you stay with an insurer for that long just because you're waiting to qualify for a loyalty discount.

Believe it or not, you will likely get an insurer that offers a far cheaper premium than what you're currently paying. The secret is doing thorough shopping. I recommend that you get quotes from insurers you have never obtained quotes from time to time.

4. Make sure you don't fail to subtract the land's value from the home's value while applying for an home insurance policy. People who ignorantly do this are paying a lot more than would do them any good. Insuring your home for the purchased price without deducting the the land's worth is a big mistake.

For those who've mistakenly done this, call your agent and check your home owner insurance coverage again. Reduce your coverage to the worth of your home and its contents minus the land's value.

Your premium will be cheaper and you'll still have sufficient coverage if you do this right. Bear it in mind that insuring the land your home is built on is plain waste of money since it does you no good whatsoever.

5. Yearly premium payments will save you a lot when compared to monthly payments. A major reason for this is the cost an insurance company incurs for posting you twelve bills instead of just one each year.

The cost increases if you include the fact that they pay transaction charges for processing each check you give them monthly as payment. They pay transaction fees twelve times instead of once yearly for monthly payments. These and other charges so incurred by your insurance company are eventually passed over to you, the insured..

So, you'll attract cheaper premiums if you choose to pay your rates yearly. What you will save could be as high as 8.5% of your total monthly payments over the course of just one year.

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6. You will spend more or less depending on your credit history. Folks who have excellent ratings spend far less than folks who have poor ratings. What your credit rating reveals is how you have handled your bills and it speaks negatively about you if it is a poor one. An insurer interprets this to mean that you are not financially very responsible and will possibly default in paying your rates. This makes you a bigger risk and so attracts a higher rate.

Therefore, it will do you much good to pay all your bills once they are due. Apart from the other benefits in doing so, it will ensure you get cheaper homeowners' insurance rates.

7. You can get lower quotes on home insurance now by visiting a minimum of five quotes sites. Each quotes site will take you around 5 minutes or less to request quotes. (Some folks fill in details that are not really true about themselves. That isn't a smart move since the quotes you'll get this way will NOT do you any good). You'll have to pick what represents the best homeowner insurance quote for you from the list of quotes received. It's as simple as that. Nevertheless you could make savings hundreds of dollars.
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