How to Lower Your Monthly Home Owner’s Insurance Payments

If your house is mortgaged, you have no choice but to carry a homeowner’s insurance policy. If your home isn’t mortgaged, an insurance policy is just good sense. With today’s economy, people are looking for creative ways to save money and often neglect reviewing their insurance policies. Happily, we’re here to help. Here are several ways that you can lower the cost of your homeowner’s insurance premiums:

Shop Around
If your insurance policy is tied into your mortgage your new policy will kick in January 1. Before it does, pull out your policy and start calling other companies. See what premium they can offer you for the same amount of coverage you currently have. Also be sure to ask what type of discounts you may qualify for; different companies offer different types of discounts, many of which aren’t offered unless you ask. Almost all insurance providers allow users to obtain quotes online which makes it very easy to compare the rates of several insurance companies in under an hour.

Raise Your Deductible
It’s standard to set your deductibles at $250. If you’ve not filed a claim recently, chances are that you won’t in the near future. Consider raising your deductibles to $500 to save close to 12 percent and to $1000 to save almost 24%. Remember: as your deductible rises, your premium falls. Be sure to check with your mortgage holder to find out if there are any caps on your deductibles.

Use the Same Insurer
Most insurance companies will offer significant discounts if you combine your policies. Consider using the same company for your home, auto and life insurance needs. If you carry motorcycle or watercraft insurance, combine these as well.

Upgrade Your Home
Depending on the area you live in, your home may be more prone to damage caused by a natural disaster. By adding storm shutters, strengthening your roof or even retrofitting your home to make it better able to withstand earthquakes, you may be able to lower your premium. If you are monetarily able, consider updating old wiring and heating and plumbing systems as well.

Add Security
Homeowners that add smoke detectors, dead-bolt locks and burglar alarms often see a decrease in their premiums. In addition, if you live within two miles of a fire station, be sure to mention this. Insurers will give discounted rates to homeowners who live nearer to emergency service providers. Before installing any of these items, contact your insurance agent to see which they recommend.

If you are looking for ways to save money, don’t neglect your homeowner’s insurance policy. Many things can change after you sign your policy and those things may net you a steep discount. If you’ve experienced a major life change or have added features to your home, contact your insurance provider to see if you qualify for any new discounts.

Gina Hamilton is an insurance consultant and content contributor for Check Kanetix online quotes and comparisons to help cut your auto insurance costs.

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