In the today’s turbulent economy, it is imperative for homeowners to lower their insurance premiums. With a good understanding of the following tips, you can easily save yourself a lot of money.
If you are approaching you home renewal, it may be the right time to get a homeowners insurance quote from a different insurance provider. All insurance companies set different rates for their home protection policies depending on the claim filed the previous year. It is the role of the insurance provider to charge sufficient rates to ensure that there is enough money to pay for anticipated claims in the coming year. As you search for a favorable home insurance quote there are some simple ways you can stop paying too much for your home insurance costs. The following are some specific tips to help you save money.
Install a Home Alarm System
One of the major effective ways you can save on your home insurance costs is by installing security devices such as a home alarm system. In fact most home insurance companies will even offer you a discount for installing an alarm system. Specifically, most companies offer two different home alarm discounts. One home discount is for homes that have a sounding or a local alarm system that makes noise when it detects an intrusion .The other discount is for those homes with a central alarm that reports to a central police station. Report alarm systems have higher discounts and offer a high level of protection or your home.
Raise Your Home Insurance Deductible
Another effective way to lower home insurance costs is by increasing your home insurance deductible. Your Deductible is the amount of money that you will have to pay in the event you experience a personal property loss. In most cases, deductible do not include medical payments and liability claims. If you want to save money, it is advisable to raise you deductible to a higher amount. For instance, if your deductible was $500, raising it to $1000 can save you about 28 per cent a year. This will also prevent you from filing unnecessary claims that will increase your rates for years.
Get Your Auto and Home Insurance from the Same Insurance Provider
Another way you can save money on your Homeowners Insurance Quote is by getting your car ad home insurance from the same insurance company. When your combine your policies, you are entitled to a multi policy discount. The discount is applied for both your home and auto insurance policies. This means you can reduce both your auto and home insurance premium just by making the switch.