Let's Save Money on Homeowners Insurance !

By Compuquotes Team on March 27th, 2008
Homeowners Insurance

Homeowners insurance is never cheap but is something all Homeowners must have. There are many ways you can help cut the high costs of insuring your home. Homeowners insurance policies are specially designed to cover your home, the items inside if you choose to pay the added costs, against any physical or financial risks.

The main factors that make up your Homeowners insurance premium are things upon which you have no control over such as the location of the property, the age, and the value of its contents. These are all fixed and there is really nothing you can do to change it.

There are three different factors that can make a big difference to your insurance premium. These include the amount of the voluntary excess, the security features of your home, and your claims history.

When you file a claim the insurer will want you to pay the first pay of the claimed amount referred to as the excess. The insurer requires this to be paid for each and every claim therefore it is known as compulsory excess.

The majority of Homeowners insurance companies are more than willing to offer you a discount on your insurance premium if you are willing to pay a larger part of any claim, basically accepting a larger excess, referred to as voluntary excess. The total amount of the discount offered to you will vary from different insurance companies, but is usually about five to fifteen percent depending on how high you are willing to go.

Every homeowner and Homeowners insurance company would like to reduce the number of theft claims. The best way to protect you property is to make sure your home is properly secure. Security systems are highly effective at decreasing the chances of theft so the majority of Homeowners insurance companies offer a reduction in your monthly premium for installing one.

It is up to the insurance company to decide what type of security is required in order to receive a discounted premium. For most companies the three main security measures that count are good quality locks on all doors and windows, professionally installed and maintained burglar alarm and the membership of an approved neighborhood watch scheme.

There are many Homeowners who are in a high risk, high crime rate area. In these areas some insurance companies will require that specific securities are installed before they will offer them protection.

It is more common in auto insurance companies but many Homeowners insurance companies are offering rewards to those who have not made any claims in a specific number of years prior. The percentage can save those who qualify a lot of money, commonly between ten to twenty percent off premiums.

To be sure you are getting the best deal simply go online and do complete research. It is much easier and faster to check out several different companies online and compare prices and terms than calling up each individual company and asking questions. Once you feel you have found a Homeowners insurance company that looks promising you should call the company on the phone and ask about any questions you have before purchasing a policy.

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