Almost every homeowner buys homeowner's insurance. Obviously if your home is being financed you have no choice but to purchase homeowner's insurance, but the vast majority of homeowners who have paid off their homes still elect to pay for homeowner's insurance each month.
For a very good reason. For the majority of people in this country their home represents their largest single investment and their most valuable asset. Who wouldn't want to protect that?
Still, there is no point in spending any more money than you have to in order to get the protection that you need. And – fortunately – there are several simple things you can do that could very well save you money each and every month on your homeowner's insurance premium.
Keep in mind that you can combine all 5 of these suggestions and thereby combine your monthly savings as well – but if even only one of these suggestions applies to your particular situation you could still save hundreds, even thousands of dollars over the lifetime of your policy.
Well, that's 5 things you can do over just the next few days that could potentially save you a huge percentage of your monthly cost for homeowner's insurance, plus there are scores of other things you can ask about which could also save you money – such as if there is someone 55 or over who is retired and at home most of the time, such as paying your premiums on a yearly basis rather than monthly, such as combining all of your various insurance policies with the same company for a Multi-Policy Discount.
Another thing you should do is to simply ask your agent point-blank if there are any unannounced discounts available which might apply to you. You'd be surprised at the number of times you can find an additional discount that you never even thought to ask about.
The final thing you should do once you've done everything you can to reduce the cost of your policy is to get online and compare the cost of your policy among as many insurance companies as you possibly can. Don't fall into the trap of thinking that you only need to make your comparisons on just one website – each website will only compare a few insurance companies.
If you want to insure that you will find the very best price possible for your homeowner's insurance you will need to take the time to make your comparisons from at least 3 different companies which can be done all right here on this website. Once you've done that, I can almost guarantee that you are going to save money over what you are currently paying for your homeowner's insurance – and your savings will continue year after year.
3 Reasons to get a Home Insurance Quote Online
Homeowner Insurance is Changing
There was a time when the homeowner policy was by far the best buy in property and casualty insurance. The policy was actually under priced. It is now starting to fall in line with the rest of the insurance world. Natural disasters have been mounting over the last twenty years. Toxic mold has caused a new problem with homeowner rates in several states. Law suits have increased and the homeowner policy has been a target for more litigation. All of these things have an impact on rates. The homeowner policy is still a wonderful buy and there are many options to keep the rates manageable for most people.
Multi-Line Homeowner & Auto Policy - It makes too much sense to place the homeowner policy with your auto insurance company. This would seem obvious to many but the fact still remains. There are many mono-line homeowner and auto policies in the market place. The multi-policy discount is at least 10%. Insurance companies view their multiple policy customers different than the mono-line policy holder. They remain with them longer and are more profitable. You are disadvantaging yourself by not combining your auto and home insurance with the same company.
High Deductible - Buy replacement cost and purchase your policy with a high deductible. The homeowner policy has much less claim frequency than an automobile insurance policy. There is no need to purchase a home policy with a low deductible. There aren't enough claims on the average home policy to warrant the additional premium that you pay on a low deductible. Home insurance should be purchased to protect you from a financial disaster. It should not be used like you would use a health policy where you turn in a claim with every doctor's visit.
Increase Coverage Where Needed - Purchase the most extensive coverage that you feel necessary to replace your dwelling and replace all of your contents. Make sure that you add special coverage on things that increase in value over time. These are things like fine arts, jewelry, furs, and antiques. These things have limitations under the main policy provisions. Increase your liability coverage if you own a swimming pool or a trampoline. Some companies have identity theft riders and other special coverage. The homeowner policy can be your most creative insurance purchase. Use high deductibles and use the savings in premium to increase limits on the dwelling or contents as well as some of these specialty riders for some of your unique personal property items.
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