Save money on homeowners insurance

Saving money on a homeowners policy goes beyond comparing quotes and negotiating premiums with insurance agents. While that’s definitely an important part of the process, basics like increasing deductibles, improving your credit score and knowing about all available discounts will definitely help in your quest.

Increase Deductibles to Save More  

You can save a lot of money by increasing your deductibles. While agents might recommend a homeowners insurance with a deductible of $500, see if you can go higher. A $1,200 deductible can help you save as much as 28 percent annually on your policy.

It Always Helps to Have a Good Credit Score

Most insurance companies tend to use your credit history as a yardstick to calculate your premiums. As such you should consider ordering a credit report that mentions your score before you start comparing insurance quotes. The report will help you accurately predict the best deal you can get, given your current credit score. Moreover, the information given in the report will also provide you with unbiased inputs on ways to raise your credit score. For example, if there are negative entries like late payments, try getting them removed before approaching insurance companies.

Discounts on Homeowners Insurance

There are a number of discounts you don’t even know about that can help you get a better deal and save a lot of money:

  • Burglar alarms, smoke detectors and deadbolts, when properly installed in your home, can you save you as much up to 10 percent on your policy.
  • Browse the Internet for companies offering the latest and the best in fire and burglar alarms. The more sophisticated your protection, the more you’ll save on you annual premiums. Discounts can be as high as 20 percent.
  • Senior citizens are often offered an automatic discount of 10 percent.  If your insurance agent hasn’t brought it up, casually mention that you’re in the know.

Now that you know about the various ways to reduce your costs on homeowners insurance, you are better equipped to compare quotes and get the best possible deal. 

 
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