There's no need to pay full price for home insurance, because there's a lot of ways on how to find affordable home insurance policies. Insurance companies offer discounts, and more often than not, one just needs to ask in order to determine if he/she is eligible for one.
Homeowners signing up for new insurance coverage usually undergo a series of questions either by their agents or insurance company, in order to determine what discounts may be applicable to them. However, the problem arises during renewal time-- these professionals won't have the obligation to recheck the same information anymore. That's why it's very important to stay on top of things.
Contrary to popular belief, how to find affordable home insurance shouldn't be a complicated process at all. In fact, it can be as simple as being a good customer or having a good credit rating. Listed below are the six simple ways on how to find affordable home insurance or you can submit a free home insurance quote to save more:
Easy Ways on How to Find Affordable Home Insurance
1. Boost Your Deductible
Depending on the risk a homeowner can handle, it's possible to save a bundle off the home insurance premiums by opting for a high-deductible policy-- the amount of loss that one should make up for before the insurance policy kicks in.
That said, instead of going with a $500 or $1000 deductible, it's practical to choose a $10,000 deductible instead, because this can help in saving as much as 35%. Also, even though high deductibles are more ideal for bigger homes, those who belong in the lower tax bracket should opt for the highest deductible possible, so that in case something goes wrong, there will be money on hand to cover the deductible.
2. If Possible, Stick to One Provider When Acquiring Policies
According to Brad Lemons, the vice president of Columbus, Ohio-based Nationwide Insurance, insurance companies usually reward clients who bundle multiple policies. Thus, buying auto insurance and home insurance from the same company can allow a homeowner save as much as 30% in some cases.
Furthermore, a lot of insurance companies nowadays throw life insurance into the mix; which only implies that it's possible to save even more if the auto, homeowners, and life policies would always be under one carrier.
3. Installation of an Advanced Alarm System Is Ideal
Most people are aware that carbon monoxide sensors, fire alarms, and burglary system could cut home insurance premiums, and with the most advanced monitoring systems available today, the discounts can even get bigger.
Alarm companies state that insurance savings can go up to 20% or even more, depending on the plan being chosen. For those whose aim is to get premium discounts, it's always ideal to double-check the insurance company first.
4. Good Credit Would Impress the Insurance Company
A high credit score can attract lower home insurance premiums. It's a known fact that insurance companies check the credit reports to see if the customers have the ability to pay or not. Thus, those who have better credit scores can enjoy discounts, because these companies would be willing to charge less.
5. Loyalty Is Important
Insurance companies want their customers to remain loyal with them as long as possible, and that's why loyalty can also help in finding an affordable home insurance.
For instance, longtime Nationwide customers could enjoy 5%-10% savings, because of their loyalty discounts.
6. The Home Should be Disaster-Prepared
Those who live in areas that are prone to natural disasters and calamities should consider having their home disaster prepared, because this can also provide a sizable discount on home insurance. Home insurance for such goes by different names, such as windstorm mitigation discounts,” “fortified home discount,” and many more.
Although standard home insurance policies won't differ in price, there are plenty of ways on how to find affordable home insurance. For one, home insurance companies offer discounts and encourage their customers to install security devices and remove high-risk features of their home. Likewise, sticking with the same insurance company can also help in getting discounts. Thus, it makes it possible for a savvy insurance shopped to avail discounts, by simply paying attention to what the insurance company can offer on premium plans.