1. Carry Multiple Policies with the Same Provider

Insurance companies want your business and are willing to reward you for bundling multiple policies. Buying your Homeowners insurance and Auto insurance from the same company can save you up to 30 percent. Increasingly, insurance companies are throwing Life insurance into the mix, which means you may be able to save even more if you have your Homeowners, Auto and Life policies under one carrier.

2. Boost Your Deductible

Depending on the level of risk you’re able to handle, you can save a bundle by simply going with a high-deductible policy. The deductible is the amount you spend out of your own pocket before the insurance kicks in. Instead of going with a $500 or even a $1,000 deductible, homeowners who can afford a big out-of-pocket hit or are willing to gamble, might choose a $10,000 deductible — and they could save as much as 35 percent on monthly premiums.

3. Install an Advanced Alarm System

Many people know that fire alarms, carbon monoxide sensors and burglary systems may help cut homeowners insurance premiums. But the discounts can be even greater with today’s more advanced monitoring systems that can report to a central location and alert first responders. Insurers may offer a greater discount because the risks are minimized if your home is being monitored 24 hours a day.

4. Be Loyal to your Insurance Company

Insurance companies want you to remain a customer for as long as possible, which is why they might reward your loyalty with less expensive homeowner’s insurance. Most insurance carriers offer some form of loyalty discount, typically in the 5 to 10 percent range. However, with some insurers, loyalty alone won’t yield any savings. You might also need to stay claims-free or maintain multiple policies with the company to receive a discount.

5. Impress Your Insurer with Good Credit

A high credit score can get you more than a favorable interest rate on a car loan or mortgage. It also can result in lower homeowner’s insurance premiums. Insurance companies check credit reports to gauge whether a customer is likely to cost them in the future. Insurers are willing to charge less if you have good credit. But what constitutes a good credit score for insurance purposes? It varies. Each company uses its own calculation to determine how much a credit score will impact premiums, which is another reason why it pays to shop around and ask questions.

6. Disaster-Prep Your Home.

If you live in an area that is prone to natural disasters, such as hurricanes or tornadoes, a little preparation for such an event may help you secure a sizable discount on your homeowner’s insurance. Savings could be as much as 30 percent in some states.
We hope these savings tips can help you lower your homeowner’s insurance rate in no time! For more helpful advice, check out our other blog posts.

However, home insurance may kick your efforts up a notch. Just make sure you have the right coverage for your needs, your lifestyle, your home and your location. For instance, someone living in Indiana may not need to purchase insurance coverage for a hurricane. However, for those living in Florida, hurricane coverage is as essential as fire coverage in California. In addition, there are many locations where homeowners will need insurance coverage for a flood.

One key bit of information about flood insurance is that you don’t need to live in a flood zone to need this vital protection. In fact, FEMA reports that between 20 and 25 percent of all flood claims occur outside of areas designated as high flood risks. And those numbers only include the homes that HAVE flood insurance protection.

TYPES OF HOME INSURANCE YOU DON’T WANT TO LIVE WITHOUT

Home insurance comes in a variety of shapes and sizes. It’s meant to not only offer financial protection to wealthy homeowners, but also to those of more modest means who need protection against disasters. The following coverage includes the types of insurance that are truly invaluable when disaster strikes:

• • Liability Insurance– provides you with financial protection and legal expenses up to the policy limit if someone is injured while visiting or passing through your property, or even if one of your trees fall through the neighbor’s window. Yikes!
  • Property Insurance– helps you make repairs to your home, condo, etc. if it is damaged by wind, hail, fire, or any other covered damages.
  • Flood Insurance– not covered by your standard home insurance policy, flood insurance can replace items destroyed by a flood, or repair homes that are damaged by them.

• Personal Belongings Protection – helps you replace items you lost due to a covered event like fire, theft, etc. Make sure you discuss replacement value protection with your insurance agent, and see if it’s the right choice for you.
• Loss of Use Coverage– provides you with reimbursements when you’re forced to make alternative living arrangements if your home is under repair.
• Umbrella Insurance– when your liability protection isn’t enough, umbrella policies offer additional coverage without forcing you to pony up the funds for legal representation or judgments awarded against you (once again, up to the coverage limit).
• Valuable Item Protection– most items in your home are protected by the property damage coverage of your insurance policy. However, that protection has limits, and if you have any valuable items or collectibles that may depreciate immeasurably, this protection could help cushion the financial blow.

Each type of coverage can offer outstanding protection if you get the right amount to suit your needs. Working with an insurance agent can help you decide what’s best for you.