Almost every homeowner in USA buys home insurance. There are a lot of companies who offer homeowners insurance policy. Here are some steps that you can use to save money on your homeowner insurance:
- Increase deductible: If you raise the deductible on your insurance, the insurance premium will go down.
- Exclude land value from insurance: You should not insure the land where you build your home. You should insure the cost of rebuilding the structure.
- Combine auto and home insurance: If you buy auto and home insurance from the same insurer, you will save money on your homeowner insurance.
- Install home security: Before buying insurance, contact your insurance company and ask which security items will reduce insurance premium. Installing recommended security items will reduce your insurance cost.
- Make your home disaster resistant: Ask your insurance company how you can make your home more disaster resistant. Make recommended changes in your home and your insurance cost will go down.
- Ask for discounts: Ask your insurance company if you can get additional discount for things like senior citizen, professional affiliation, longevity with insurance company, etc.
- Re-evaluate your property value: You should insure only the value of your home and its valuable contents. The value will go up or down each year. Buy insurance only for the value of the property that may be in risk.
- Raise credit score: People with good credit score will pay lower homeowner insurance. Practice the rules of good credit such as paying on time, keeping low debt to credit ratio, never missing bill payment, etc.
- Shop around: Contact your state insurance agency and get a list of home insurance companies and their ratings. Get quotes from all the companies for similar coverage and compare them side by side.
If you follow the steps presented above, you will be able to buy homeowner insurance at a lower price than you will pay otherwise.