Cheaper Home Owner Insurance -- Reduce Your Rates Without Risk

There are tips you must take note of and apply if you're truly serious about getting big discounts on your homeowners insurance policy. Here are some of such things...

1. A group homeowner's insurance policy gets you cheaper rates. You can confirm from associations you belong to since they might have obtained group discounts.

I will, nevertheless, recommend that you still get and compare quotes from other insurers that your association may have no affiliations with. This is because you may end up getting an insurer that is ready to take less than you will even get with an association's discount. So it really does pay to shop if you want the best rates.

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2. If you are retired, you can pay more affordable rates with a retiree discount. Since not every company offers this discount, ask your agent before you pay for your policy.

The basis for this discount is the fact that having someone always around makes a home a better risk. The risk of fire damage is also less with people who're often at home since they'll easily spot them quickly.

3. You should get a good discount if you have stayed with an insurer for three years or more. Nevertheless, I do NOT expect that you stick with one insurer for that long just because you are looking to qualify for a loyalty discount.

If it's about spending less, you'll likely still be able to pay lower than you're paying at any point in time. The secret is doing thorough shopping. I suggest that you get quotes from insurers you have never obtained quotes from time to time.

4. It is more expensive and very unnecessary to insure the land on which your house is built. Those who ignorantly do this pay for more insurance than would be of any benefit. They just insure their home for its complete value without deducting the cost of the land.

If you made such a mistake, you'll have to review your home owner insurance coverage and go through it again with your agent. Lower your coverage to the worth of your home and its contents minus the land's value.

With such a review you will reduce your premiums considerably and still have adequate home insurance coverage. Because insurance is for things that can be lost or damaged, insuring the land which can neither get lost or damaged isn't a smart move.

5. You will pay more affordable rates if you elect to pay your rates anually and not every month. Your insurer is compelled to send you 12 notices for monthly payments as opposed to one for annual payments. This increases their overhead.

If you add to the fact that each check you cut is considered a transaction by their bankers, you'll see that they still pay some more on transaction fees for each check you pay in. 12 checks are 12 transactions which attract 12 separate transaction charges. And as with every other thing, it is you the customer or policy holder who bears that cost.

Therefore opt for annual payments instead if you want to save through this means. The real amount you could save might differ but expect to save up to a month's premium worth with most insurance companies if you choose this option.

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6. What you pay as premium is affected by your credit rating. You will attract higher homeowners insurance rates if you have a poor credit rating. If your credit rating is bad then you've been missing important payments. This is a pattern that most insurers believe will be exhibited in the way you handle your premiums. This makes you a higher risk to them and yourself, therefore, are made to pay higher than someone else with the same profile that has a very good rating.

Therefore, it will do you much good to pay all your bills once they are due. You will attract cheaper premiums if you do.

7. As you take these other steps to reduce your home insurance costs, here's what to do to get lower rates now. Visit reputable insurance quotes sites and request for quotes. Visit a minimum of five of such sites for the best results. It's free, quick and easy. Please make certain you give your correct details as you complete the questionnaires presented. The last step is to simply choose the insurance company that represents the best price/value from the quotes you receive.

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