Monday, November 23, 2009

Affordable Home Owners Insurance -- Tips To Help You Pay Less


There are things you must take note of and apply if you're really keen on getting big discounts on your home owners insurance policy. Here are some of such things...

1. Get a group home insurance policy if within your reach because you'll pay less with it. You can confirm from associations you belong to since they might have obtained group discounts.

I will, however, advise 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 finding an insurance company that is willing to take less than you'll even obtain with your group discount. There's stiff competition in the home insurance sector and you can take advantage of this to get cheaper rates if you take your time to do thorough shopping and comparisons.

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2. If you are retired, you can enjoy cheaper rates with a retiree discount. Since not every insurer offers this discount, find out from your agent before you put pen to paper.

The rationale behind this discount is that people who are almost always at home are less likely to be burglarized. In addition, Fires will be quickly noticed and put off if somebody is always around.

3. Have you being with your home insurer for up to 3 years? Then ask for a loyalty discount. Most insurers will give discounts once you keep your policy with them for 3 years and above. Nevertheless, I do NOT expect that you stay with an insurer for that long simply because you're looking to qualify for a loyalty discount.

If it's about paying less, you'll almost always be able to pay less than you're paying at any point in time. The key is doing thorough shopping. Get quotes from any solid home insurer you know you have never got a quote from and also always get and compare home owner insurance quotes from up to five quotes sites about twice yearly.

4. Do not insure your house along with the land it is built on as this is more expensive but is very unnecessary. Folks do this ignorantly. They just insure their home for its complete value without deducting the land's cost.

For those who have ignorantly done this, call your agent and check your homeowners insurance coverage again. Reduce your coverage to the cost of your home and its contents minus the land's cost.

This implies that you'll pay far less on home insurance. Bear it in mind that insuring the land your home is built on is real waste of money since it does give you any added advantage.

5. Yearly premium payments will save you a lot when compared to monthly payments. This is because posting 12 bills by mail each month costs your insurance company much.

Furthermore, each check they get attracts its own transaction charge as well. twelve checks mean 12 transactions which incur 12 separate transaction charges. And as with everything else, it is you the end user or policy holder who will be responsible for that cost.

Therefore, you'll attract lower rates if you opt to pay your premiums anually. The actual amount you could save might differ but you may be able to save up to a month's premium worth with some insurance companies if you choose this option.

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6. Your credit rating has a serious impact on your rate. Folks who have very good ratings pay far less than folks who have low ratings. If your credit rating is bad then you've been missing important payments. This is a pattern that most insurance carriers believe will play out again in the way you pay up your premiums. This marks you out as a bigger risk and therefore attracts a higher rate.

Therefore, it is a wise decision to pay all your bills promptly. It will help you attract cheaper rates among other things.

7. You will save a lot of dollars by visiting a minimum of five home insurance quotes sites. That way, you will make it most likely that you'll get all the lowest quotes possible since five sites will return not less than 25 quotes altogether.
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