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Saving Money on Homeowners Insurance Premiums

By Compuquotes Team on March 27th, 2008
Homeowners Insurance

With all of the different businesses competing for your Homeowners Insurance policy, your best bet is to shop around until you find the best price.

The first step is saving money is to make sure you insure for the amount to rebuild your home. Don't make the common mistake of insuring the entire property value, including the land. This would be overinsuring, costing you money on unnecessary insurance.

There are many available discounts you can ask your agent details about. There's a lot of different ways to save, including multiple policy discounts with the same company, security device discounts, and many others. Here's some general information to help you quickly get started on saving money on your homeowners insurance premiums.

Safety Device Discount- If your home is protected by smoke alarms, burglar systems, and other devices, make sure you tell your insurance company so you can save on your homeowners insurance premiums.

Non-smokers discount - Smokers have a much higher risk of fire damage than non smokers. Some companies acknowledge this and offer fair discounts. If nobody in your home smokes, be sure to push for a non-smokers discount for your homeowners insurance.

Fire Resistant Materials Discount - A home built with fire resistant materials will significantly reduce the risk of an accidental fire. Homeowners insurance companies have realized this, and will sometimes offer discounts on request.

Loyal Customer Discount - Some insurance companies reward long-time customers with reduced premiums on their insurance bill. If you like your current insurance company, stick around and see if they will offer you a loyal customer discount. Be sure to request it.

Exclude Coverage for Wind and Hail - In a few areas in the USA the danger from wind and hail is substantial. In these places, quite a few policies are sold to protect against these natural dangers. If you want too take your chances, exclude the coverage and save on your premiums.

Multiple-Policy Discount - Use the same company when insuring your home auto, and other umbrella policies. You'll be able to save as much as 15% on your homeowners insurance premiums.

Like mentioned before, don't overinsure your home. A big slice of what you pay in premiums is determined by the amount of coverage you choose. You can save a huge chunk of change by considering the following:

The Amount of the Deductible - A basic homeowners insurance deductible is somewhere around $250 dollars. If you feel like you could afford to pay a larger deductible in the event of a claim, you can save significant sums of cash by increasing your deductible.

The Amount of the Deductible - A basic insurance deductible is somewhere around $250.00. If you feel like you could afford to pay a larger deductible in the event of a claim, you can save significant sums of money by increasing your deductible.

The Size of Liability Protection - If basic liability protection is sufficient enough, don't pay more money for extra protection that isn't necessary.

The cost to Replace Your Home - It's a good idea to be insured for an amount big enough to rebuild you home should it be destroyed d. Some people make the blunder of insuring an amount equal to the entire value of the property, including the land. Don't make the mistake of paying more than necessary for protection.

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