How to Get Cheap Homeowners Insurance
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UPDATED: Aug 13, 2020
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Cheap homeowners insurance can help manage the mounting costs of owning a home. If you own a home, it does not take long to figure out that the bills can mount: utilities, taxes, upkeep, repairs, etc. That is why when searching for insurance, you need to search for a cheap homeowners insurance policy that will cover the risks involved with owning a home. Whether you are searching online or through your local agent, there are some home insurance discounts that you can claim to make your homeowner’s insurance more affordable.
How to Find Cheap Homeowners Insurance
When you are ready to buy home insurance, consider the following techniques to save yourself some money:
- Bundle your policies for a multi policy home insurance discount– If you already have a car, life or long term care insurance policy, see if the same carrier will offer you a multi policy discount for buying your homeowners policy with them. This multi policy home insurance discount could save you as much as 10%.
- Install a burglar alarm– Most insurance carriers will give you a home insurance discount if you have a burglar alarm installed. If you have thought about installing a burglar alarm, now may be the time in order to get up to a 10% discount on your homeowners insurance.
- Get a monitoring service for your burglar alarm– Now that you have installed that burglar alarm, you can get another 10% if you have it monitored. Most alarm installation companies offer discounts if you have your system monitored by them. If the alarm is tripped, they will call the policy or fire department and notify the homeowner as well. The cost can range from $25-$40 a month but the price can be offset by your home insurance discount savings. It may also allow you to sleep better at night!
- Dead bolt locks– This is a quick and easy home insurance discount. Installing dead bolt locks and smoke detectors can be a very cost effective way of securing cheap home insurance. Most carriers will give a 5% discount for just having these inexpensive items added to your home.
- Raise your deductible– Raising your deductible can be a very cost effective measure and will give you an instant home insurance discount. Taking your deductible up from $500 to $1000 or even higher to $2000 can give you a considerable discount on your home insurance. Some insurance companies will allow you to choose a percentage of your Coverage A amount as a deductible. REMEMBER! Your deductible amount will come out of any claim payment first! Therefore, make sure you are not just raising your deductible to get a cheap home insurance policy. Doing this may cost you later!
- Keep a track record with the same carrier– Most carriers will consider your insurance history when they set your rates. If you have been with a company for a long time, and have not filed any claims then you will get a better home insurance price. Maintain a good track record with your homeowners insurance carrier by keeping your home safe from disasters, and taking care of small repairs without filing a claim. If the damage to your home is worth less than your deductible payment, do not report anything to the insurance company. Take care of inexpensive repairs and keep your good claim history in tact to save money on your home insurance policy.
- Check out rebuilding cost every year– Do not confuse what you pay for your home as what it will cost to rebuild. If you just bought a home and your purchase price was $300,000, your cost probably also includes the land. However the land would not be calculated in any rebuilding cost. Every two years, ask your agent to run a replacement cost estimation on your home. This will give you an idea of what it could cost to rebuild your home in the event of a total loss, and allows you to tweak your coverage amount accordingly. If your coverage amount comes down, you save money! Make sure that your agent runs a replacement cost estimation when you first take out the policy as well.
- Improve your credit score– Credit is becoming a popular tool used by the insurance company to evaluate you as a risk. Maintain a good credit score and this could give you a great home insurance discount. Make sure that you pull your credit report every year. You are now allowed by law one free credit report a year. Make sure there are no errors or mistakes. Dispute any items that are incorrect. Pay bills on time. Improving your credit will allow you to get the best rate and the cheapest home insurance out of the gate and on renewal.
- Don’t take on risks that will drive a coverage increase– Certain features of your home will cause insurance companies to require more coverage. Recreational toys such as swimming pools, trampolines, tree houses could require an underwriter to request that your minimum liability limits be $500,000 instead of the normal limit of $300,000. This could cost you more! Even some breeds of dogs (Pit Bulls, Dobermans, Akitas) can cause an insurer to refuse to write your homeowner’s policy. To ensure that you get the cheapest home insurance policy, know the risks that will raise the eyebrows of a home insurance carrier. Then minimize these risks to get the best home insurance discount and price.
- Don’t buy coverage that you don’t need– Don’t let an over zealous agent talk you into extra coverage that you don’t need. Know how much home insurance you need, and only add coverage or additional riders if they are appropriate for your home.
- Shop around – Shopping around for the best home insurance discounts is the best way to ensure that you not only get the cheapest homeowner’s insurance policy for your home but that you also get the highest discounts. By shopping around and comparing home insurance quotes, you have the best chance of ensuring you get the discounts you deserve.
When you are ready to find a cheap homeowners insurance policy that fits your needs and budget, get started with a free quote today. Click here for your free home insurance quote today.