When you buy a new car, you purchase an adequate motor insurance coverage plan. The same goes for buying a home, it is crucial that you get the best insurance plan. The right policy should help you get the maximum protection for your home. We are here to highlight nine ways to decrease the cost of homeowners insurance. Let’s dive right in.
- Shop Around: Check Other Home Insurance Costs
Homeowners policy costs vary from company to company. It is best to check with several home insurance companies to get multiple r quotes before you buy a policy. Don’t hesitate to ask your friends and family for any recommendations and compare the pros and cons of every plan before proceeding with the decision.
- Pay Higher Deductible
A deductible is the amount you must pay towards any incurred losses. The higher the deductible, the more you save on your monthly premiums.
- Bundle Your Policies
Another proven way of saving on home, auto, and several other coverages is to buy them from the same insurance provider company as a bundle to reduce the premium by approximately 5% to 15%. To ensure you get the most cost-effective option, don’t forget to compare the cost of the bundle policies against buying each policy separately.
- Buy a New Home
If you are purchasing a new home, the place’s overall structure and fixtures, including electrical, heating, and plumbing systems, might be in a better condition than an older home, thus attracting lower premiums.
- Exclude Your Land’s Value
The land under your house is not at risk of theft or other natural hazards such as fire, windstorms, etc. Hence, you must not include the real estate value of your land in deciding how much insurance is to be bought.
- Secure Your Home
Some insurance providers may cut your premium by roughly 5% for installing security devices such as smoke detectors, fire and burglar alarm systems, and deadbolt doors.
- Quit Smoking:
Some insurers offer to reduce premiums if no one smokes at your home, as smoking incidents still account for more than 23,000 residential fires every year.
- Seek Group Coverage
A few large employers, alumni associations, and business associations administer group insurance programs for their employers that may include offering homeowners insurance policies at lower premiums.
- Seek Group Coverage
Being a long-term policyholder with the same insurance company may qualify you for lower premiums in the future. You may receive this special discount by maintaining a solid credit history, as well. However, make sure that you are getting the best deal by shopping around more and comparing your premiums with that of other insurance providers.
Finding the right homeowners insurance plan doesn’t have to be difficult. Contact our experts here at Gant Insurance Agency, and we will help you find the right policy for you and your home, thus securing perhaps the largest investment of your life.