There are many way of saving on your house or home insurance policy, we have together a list of some of the areas to look at when shopping for a home insurance policy. One thing to bare in mind is that insurance is a competitive market and with many companies struggling to find customers, it always sensible to ask for a discount. Even when you have covered all the points below and you have the best internet quote possible always ask for more, many companies allow their agents to offer other discounts to close a deal, this is especially true of online and telesales.
- Combine Home Insurance and Car Insurance: Taking a house insurance policy with the same company that insures your car, can often provide a good discount, package deals are available from many insurance companies. Of course if you find a good home insurance company you should also ask them about car insurance.
- Deductible/Excess: Increasing your policy deductible or excess can lead to lower policy premiums. It’s always better to have a large policy deductible to stop you from making small claims, many companies are now adding a surcharge based on the number of claims made in a year, the increase can be anything from 10-85% dependent on the number claims in a given time period.
- Home Security Systems: Investing in an Insurance company approved burglar alarm system for your home helps prevent loss, therefore reducing insurance risk. It’s worth talking with insurers first to find out which system give the best discount, usually the system that report directly to local police and fire services offer the best discounts. These systems also offer piece of find of mind and are well worth in the investment.
- Smoke Alarms: Preventing fire loss is very important to you as the home owner, but also to your insurance company. Claims for fire loss are often very high and your insurance company will always offer discounts if you have at least one permanently installed smoke alarm. Of course from a safety prospective it is always sensible to install smoke alarms and make sure they are checked regularly.
- Sprinkler Systems: Indoor Sprinkler Systems are obviously a considerable expense, but if you are building a new home or doing some remodelling you may wish to consider them.
- Non-Smoking Household: Insurance companies are always looking for ways to reduce risk, as many accidental fires are caused by smokers making your house completely non-smoking can help you reduce the risk of fire and so reduce your policy. To benefit from this you must not allow other people to smoke in your property.
- Dead Bolt Locks and Window Locks: Dead bolt locks are an inexpensive way of protecting your home, most insurance companies offer discounts for them. Window locks are also important especially in properties with first floor access. It’s always worth checking with your insurance company because you may not be getting a discount that you are entitled to.
- Organization Affiliate Discounts: Many companies offer a discount for being affiliated with certain organizations. These can range from credit unions, college sororities, or just having a certain credit card. Call your service center and ask them for a list of the organization affiliation.
- EFT Payments: Many companies are now charging up to $5.00 or more for mail payments, but sometimes nothing if you choose to have payments automatically deducted. And sometimes the deductions can come from your credit card, so you don’t have to worry if the money will be in your bank account when payment time comes.
- Credit Rating Check: Unfortunately, a lot of insurance companies are checking your credit and basing your policy premium on what they found. Make sure you check to see if your credit is in good shape, and if it is not, you may want to seek out companies who do not do credit checks.
- High Risk Property Insurance: Check with your state insurance commissioner if you feel you may be getting turned down for homeowners insurance or are paying ridiculously high premiums because your property may be a high risk such as in a high crime area. Your state may have an insurance plan especially for your high risk property that other insurers may be charging you an extremely high premium because of the higher than average risk.
- Additional Discounts: There are many additional discounts that may be available such as a reduced senior rate or being in a gated condo. Make sure to sit down with your agent on a regular basis, preferably right before your policy renews, to see if there are any additional discounts available to you.