Affordable Homeowners' Insurance -- Slash Your Rates Without Risk

There are things you must take note of and implement if you're truly serious about getting huge discounts on your homeowners insurance policy. Following are some of such things...

1. A group homeowner's insurance policy will cost you less. It's as well good to check with associations you belong to if they have any group discount from any insurance carrier.

Though, before you use this option, compare the rates you'll get from such an association with what you will spend with another insurer. For a good number of reasons you might be better off NOT going with a particular group's insurer. So it really does pay to do extensive comparison shopping if you want the most affordable rates.

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2. If you're retired, you can pay lower premiums with a retiree discount. Since not every insurer gives this discount, find out from your agent before you sign your policy.

The rationale for this discount is the fact that someone being almost always at home makes a home less-prone to burglary attacks. People who're often around are also in a better position to spot and put off fires before they can cause any damage.

3. You should obtain a reasonable discount if you have stayed with your insurer for three years or more. But notwithstanding the fact that you will qualify for a loyalty discount if you remain with one insurer for three years and more, don't make this decision just for that.

If it's about spending less, you'll likely still be able to pay cheaper than you're paying at any moment. Do extensive shopping and you'll be in for a pleasant surprise. I suggest that you obtain quotes from insurers you have never received quotes from time to time.

4. Do not insure your house along with the land it is standing on as this will cost you more but is very unnecessary. Those who ignorantly do this are paying a lot more than would be of any benefit. Insuring your home for the purchased price without deducting the cost of the land it stands on is a big mistake.

For those who've mistakenly done this, meet with your agent and go through your homeowners' insurance coverage again. Deduct the cost of the land and you'll discover that you will need far less coverage.

Your rate will be cheaper and you'll still have adequate coverage if you do this right. Bear it in mind that insuring the land your home is built on is real waste of money since it does give you any added advantage.

5. Yearly premium payments will save you much when compared to monthly payments. This is because sending you twelve bills by mail monthly costs your insurer a lot.

The cost shoots up if you include the fact that they pay transaction charges for processing each check you give them monthly as payment. They pay transaction fees 12 times instead of once yearly for monthly payments. And as with every other thing, it is you the client or policy holder who will be responsible for that cost.

You will get reasonable savings if you begin to pay yearly. You could save up to a month's premium in just a single year.

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6. What you pay as premium is partly determined by your credit rating. You'll attract higher homeowners insurance premiums if you have a low credit rating. If your credit rating is poor then you've NOT been faithful in paying up your bills. This is a pattern that most insurers believe will be exhibited in the way you handle your premiums. This marks you out as a bigger risk and therefore attracts a higher rate.

It'll, therefore, be a smart step to do something about improving your credit rating. You will draw cheaper premiums if you do.

7. The most important key to reasonable savings in home insurance is comparison shopping -- That's if you do it well. You can get quotes that will have a difference in excess of $1,000. You could easily save that much by simply choosing the lowest quote. This should apply if you're just after the lowest price. Howbeit, if you're looking for the best price/value then you'd have to look at the details of the lowest quotes. Different insurance companies may have slight differences for similar policies. It's important that you ask the agent what's part of the deal and what's not.
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