Not just home insurance costs… Many homeowners are struggling with the higher cost of living and wages are not keeping up. It quite common to see both parents working to keep afloat witch is stressful and time demanding. I’m going to share with you 6 tips that may bring your home insurance cost down by as much as 30 percent.
Most insurance companies will offer discounts and lower rates and you may be able to get those discounts on your home insurance. Insurance rates are determined by many factors, but most homeowners don’t know about these discounts or how to get them.
6 Tips to Bring Your Home Insurance Cost Down.
1] First determine how much you need your home insurance for. Remember to insure your house for what it would cost you to replace….Not for the purchase price but the actual replacement cost will likely be more than what you purchased it for once you figure in inflation.
Don’t insure the land value only insure and get insurance quotes for the cost to replace your home. So if your land is worth a lot the home value you should insure for is the home…Not the land this alone could save you some money.
2] If you’re considering buying the property ask the seller for the homes record of past claims. With the increase in flooding and water damage claims the home may be in a higher risk and the home insurance will cost more or possibly the insurance company may not insure it… If you’re the homeowner you should know the claims record if any. The cost of your home insurance will be more if you have made claims in the past.
3] What’s covered? Most homeowners insurance usually protects your homes structure, your personal effects as well as some liability against injury claims. You probably have some coverage for addition living expenses if you have to leave your home while repairs are being made. You can save a bit more by adjusting these a bit lower and still have good coverage while saving on the home insurance premium.
4] Look at any unusual conditions… Nearly all home insurance policies cover fire, high winds and hail losses and some others. You can also be covered from damage done by vandals. I just received a letter from my broker saying that I had to pay extra to be covered by sewer backup; while home insurance covers water damage even the best insurance will not cover you from flooding and earthquake damage to your home. I sure they will sell you the extra coverage for an increase in your rates. Read your policy and understand what is covered and ask questions.
5] Location… If you’re looking to buy remember where your home is located can affect your rates. Living close to a fire hydrant and not having a paid fire department can get you a lower homeowners insurance cost.
6] Other factors to consider that can make your insurance rates cheaper.
* Increasing the deductible from the standard $500.00 to $1,000.00 or even $1,500.00 can cut your cost by up to 25%.
* Bundling services together like home, auto and life insurance can get you another 10% to 15% off. Make sure you do your research first before bundling.
* Having working smoke and carbon dioxide detectors in your home and using good quality dead bolt locks and even a home monitored alarm system will get you even more discounts.
These are some of the things that you can look into and can save you on your home insurance. Where I live Its now a requirement by most insurance companies that if your hot water tank is more than 10 years old you must replace it to get coverage.