Home ownership is still an American dream that many families dream of achieving. In addition to providing a place to hang your hat, buying your own home remains one of your best investments. It makes sense to protect your investment by having quality homeowners insurance. In fact most lenders require homeowners insurance before lending money to buy a home. Fortunately there are many ways to save on homeowners insurance which won’t put your home or your loan at risk. The following tips will show you how.
Check Your Credit- It is common procedure for insurance companies to review your credit rating to determine your risk level. Before you try to negotiate rates you should know what information they have reviewed by getting an updated credit report or credit score. Be prepared to pay higher premiums if your credit is less than stellar.
Consider Private Insurance- People who live in an area that has a higher risk of incidents (crime, fire, flood, storm damage) may be required by the state to have high-risk insurance. You may be able to find less expensive insurance through a private insurer versus the state provided high risk insurance pool. Understand that high risk insurance is more expensive than standard homeowners insurance and other factors may be considered that label you as high risk. This includes a poor credit rating or history of filing insurance claims on your property.
Reduce Risks- Improve the safety and security of your home and you will not only have more peace of mind that you are protected but also see a reduction in your insurance premiums. Security systems, deadbolt locks, smoke detectors and other safety features can often bring discounts of 5% or more.
Comparison Shop- One of the best ways to save money when making any purchase is to shop around and compare prices. Be sure to compare protection as well as cost to ensure a lower rate doesn’t equal less coverage.
Ask Your Agent For Discounts- Sometimes saving money is as simple as asking what discounts are available. You may be able to save money by combining other policies or if you are a senior citizen. Many businesses, insurance companies included, do not actively disclose all the discounts available so it is your responsibility to ask your agent to ensure you get the best quote.
Insure The Structure-Not The Land- Avoid confusing what you paid for your house with the cost of rebuilding it should a disaster occur. Your homeowners insurance covers your home and contents that are at risk of fire, theft and other perils, however the land is not covered. For this reason include only the value of your home when deciding how much homeowners insurance you need to buy.
If you are looking for insurance for your vacant home, Vacant Home Insurance Now can help. We we help you find the best policies for vacant homes, buildings, and properties. VHIN is the premiere source for vacant home insurance policies. We have vacant building insurance programs that offer the highest degree of coverage, affordable rates, and a very simple application process. Contact VHIN today for a free vacant homeowners insurance quote.
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