Home Insurance: Tips For Getting The Best Rate

Buying a house will always be a costly investment. The good news is, there are several ways you can save money on your homeowners’ insurance premium, without sacrificing coverage.

Here are some tips to keep in mind:

Tip 1: The Insurance Business Is Highly Competitive, so Make Sure to Shop Around

Get in touch with at least three reputable homeowners insurance companies. Most policies exclude coverage for earthquakes and floods, so if you live in an area prone to these natural disasters, make sure to negotiate for them.

The least expensive policy doesn’t always offer the best value – so compare policy coverages line for line. This will put you in a better position to bargain with your preferred provider for the lowest rate possible.

Tip 2: Invest in A Monitored Home Security System

By doing so, you lower the chances of your home being burglarized, and thereby lower the likelihood of you having to file a claim. If your home is protected by a monitored home security system,  insurance companies may offer you a discount of 15% or more.

Tip 3: Raise Your Deductible

If you’re willing to pay more out-of-pocket costs, this is the best way to lower your insurance premium.

Tip 4: Make Sure You’re Not Over-Insured

One of the best ways to avoid paying for more coverage than you need is to check the policy line for line. Keeping an eye out for floaters, or additional insurance for items not covered by the standard policy.

Tip 5: Ask Your Insurance Provider About the Other Insurance Products They Sell

Buying both, your homeowners and auto insurance policies from the same insurer might help get lower rates. Additionally, you’ll enjoy the convenience of having just one bill to pay.