A house is not only a person’s biggest possession, but often the most valuable one. It can also be extremely expensive to maintain. Due to this, it is mandatory to have a home insurance policy that can assist you in times of crisis when repairs are necessary. In order to get a good home insurance policy, you need to look at a lot of things. You need to choose a policy that offers you maximum benefits and coverage in a viable price.
Different insurance companies usually offer the same coverage based on the geographical location, however, several additional benefits and discounts might be offered by some companies. For all the details regarding the policy and when it is applicable, you need to consult with your insurer.
Tips for Saving Money on Homeowner Insurance
It is reasonable to think of saving money while buying a policy. A lot of people buy their first policy straight, without researching or knowing about their options. Following are some of the ways you might be able to cut the price of your homeowners insurance policy:
- Increasing Deductibles
Deductible is the amount you need to pay before the company pays for your claim. Most companies recommend that you pay $500 for your premium, however, if you pay more, you can save up to 25% on your premium payment. The percentage does vary with different insurance companies and on your geographical location. For example, a hurricane prone area may require a more deductible for wind damage, while an earthquake prone area may require more deductible for an earthquake policy.
- Maintaining a Good Credit Score
All insurers check your credit history before insuring your property. If you have a good credit score, you might be eligible for a discount and save on your insurance policy. A good way to check your credit score from time to time is by consulting a credit agency. You can maintain a good score by paying your bills on time, keeping the credit balance low and by not obtaining more credit than required.
- Multiple Policy & Loyal Customer Discounts
A number of companies offer discounts to its customers on purchase of multiple policies. While purchasing multiple policies, such flood or auto insurance, along with your home insurance policy, you might be eligible for up to an overall 15% discount. Discounts will range from company to company and you need to check up with the company. Moreover, if you have been a customer of the company for several years, and have been buying policies from them, you might be eligible for loyal customer discounts. Not every company provides these discounts but it is better to ask your insurance company whether they have it or not.
- Explore Multiple Possibilities
In order to get the maximum discount, you need to look around and explore different policies. Different policies offered by the different companies have their own advantages. You can also look for various insurance companies on the internet, check their reviews and read about their policies and details on their website. Depending on your geographical location, companies will almost offer the same coverage. What you need to check is for the service quality and price.
By following the above mentioned tips and exploring multiple possibilities, you can cut the overall price of your homeowner insurance policy. Moreover, these are all recurring benefits that you can use each time you need to get a new policy. It will save your time as well as your money and allow you to get the same protection and benefits of a good insurance policy.
About the author:
Tejas Maheta is the Founder of techiegenie.com and a tech geek. Besides blogging he love reading books, Learning new things, and Hanging out with friends.