Shopping cheap home insurance is made easy at 4Insurance.com. Most homeowners will scour the market for the best deals on Home Insurance. This may include the lowest possible premiums, maximum discounts or even a good bit of extra coverage at an enviable rate. Numerous allowances can be made, depending on the type material used in construction to your location (whether you are in the vicinity of a fire station). These discounts however, vary by state and insurance company. Here are 12 ways to slash the cost of your home insurance:
Shop around: You need to invest a good bit of time here. Check with as many home insurance companies as possible to get an idea of the rate quotes (an independent insurance agent can provide rate quotes from a variety of companies). Find out if your friends or family members like their home insurance company? If so, investigate the policies on offer there.
Increase your deductible: The deductible is what you have to pay if you incur a loss before your insurance policy term begins. Typically, home insurance deductibles start at $250. Many insurance companies offer you the options of increasing your deductible to:
Ascertain that you can afford to pay the higher deductible out of pocket if something should happen before signing on the dotted line.
Stick to one insurance company: Many companies will give huge discounts if you buy both home insurance and auto coverage from them. Makes sense to be faithful to one company then, doesn’t it?
Factor in insurance also when buying a home: Pay careful though to the costs of insuring the house before you buy it. The overall structure and its electrical, heating, and plumbing systems of a newer home are likely to be in better condition than those of an older home. This can fetch you a discount on your premiums.
If you are constructing a home, you may want to consider where you want to live. If you live on the Atlantic Coast, you'll want the house to be able to withstand wind damage, while on the Pacific Coast, you will need to be mindful of earthquakes.
Insure your home, not the land: Don't include the value of the land in deciding how much home insurance you need to buy. Your agent can help you assess the coverage you need. Do not over insure or underinsure your possessions – they are the things facing the possibility of damage, theft and vandalism.
Improve security and safety: Installing security devices like bolts, locks, thief alarm bells, and smoke detectors can give you discounts of about 5 %, depending on the company. Your insurance company may also offer a significant discount of 15 or 20 percent on installing a sophisticated home-security system. But first check with your insurer to see which systems you'll get a discount for.
Stop smoking: If you smoke, then you would be well advised to kick the habit. Accidents due to smoking account for more than 25000 fires in houses every year. Some insurers offer to reduce premiums if no one in the home smokes.
Look for senior citizens discounts: Insurance companies have noted that retired people stay at home more and spot fires sooner than working people. Older people maintain their homes well and are alert when it comes to spotting a calamity. If you're at least 55 years old and retired, you might qualify for as much as a 10 percent discount.
Watch out for group coverage: Big companies and businesses often include a discount for their employees and members when negotiating insurance deals.
Stay with an insurer: If you've kept your coverage with a company for several years, your insurance agent may be more considerate to you. Several insurers will reduce their premiums if you have been with them for a number of years; and some companies will discount you as much as 10 percent after six years.
Check your policy annually: Review your policy annually or as frequently as possible so as to make the necessary adjustments. If, for instance, you sold a valuable painting, your amount of personal property coverage will reduce. But if you've added a garage, you'll need to increase your dwelling coverage.
Look for private insurance first: When checking out insurance companies, look out for independent insurance agents first. Let your state insurer be the last resort. If you live in a high-risk area — one that is especially vulnerable to coastal storms, fires, or crime — and think you'll be forced to buy home coverage from your state's high-risk insurance pool, this alternative may come in handy. The insurance will be cheaper in the realm of private insurance.