As essential as home insurance is, you do not have to spend a fortune in purchasing it. As a homeowner, you have already spent a lot in buying the house such that additional expenses are not welcomed. Here are tips on how to save on home insurance.
1. Home/car discount
Insuring your home and car with the same company will attract great discounts. Therefore, you can use this as a way of getting discounts while shopping for home insurance. Usually, the company employee or agent will tell you the amount of discount this double purchase will attract. Make sure you inquire about it.
2. Home security systems
Special burglar alarms will help avert losses and consequently reduce insurance risk. That means that you get a discount on your premiums. Typically, any kind of security system will attract discounts, but the one that is directly connected to the police and fire department is likely to attract better discounts.
3. Smoke alarms
Fire losses are some of the biggest losses any home owner can face. Therefore, preventing fire losses is both important to you and to the insurer. Considering the huge costs that fire losses attract, most insurance firms will offer huge discounts even when only one fire alarm is installed in the house. Even if the company will not give you a discount, ensure you install an alarm anyway.
4. High risk property insurance
Consult with your state insurance commissioner if you feel you are paying extremely high premiums because your home is in a high-risk region. Homes which are situated in crime areas tend to attract high premiums, with some owners getting turned down by the insurers. Your state might have an affordable insurance policy for people living in high-risk areas.
5. Credit ratingYes, many companies check out their client’s credit rating before giving them an insurance offer. Check out the status of your credit rating. If it is not in good shape, find ways to get it back on track.