There are a number of ways that you can save money on your homeowner's insurance.
Before you buy homeowners insurance, compare prices. Check online at insurance comparison websites to find the best deal. If you belong to a professional association or if you’re retired, check to see what kinds of insurance discounts you can get through your membership or through the AARP. Weigh consumer reviews with prices so you get the best overall deal. You can also check out insurance company ratings at A.M. Best. And, talk to friends and family before you buy homeowner's insurance, so you can compare their comments with what you read online.
You can save money on homeowner's insurance if you improve your credit score. Homeowner’s insurance companies use credit scores to help determine pricing. Order your credit report with your credit score -- it costs some money, but it’s worth it. You’ll get a good idea of what homeowner’s insurance companies see when they run your credit. You’ll also get some unbiased input on what you can do to improve your credit score. If you have late payments or other negative entries on your credit report, work to get them removed before you start getting insurance quotes.
If you’re willing to increase your homeowner's insurance deductible, you can save money on your insurance policy. Insurance agents might recommend a deductible of $500, but you can go higher. Get a $1,000 deductible and you can save money -- maybe as much as 25% annually on your homeowner's insurance.
You’re probably eligible for a number of homeowner’s insurance discounts that you can use to save money. If you have dead bolts, burglar alarms and smoke detectors, you can save as much as 5-10% on your insurance. You can save even more money on your homeowner's insurance if you install more sophisticated burglar and fire alarms -- as much as 20% off of your annual premium. Senior citizens often get an automatic discount of 10%. If you have more than one policy with the same insurance company, you can most likely get a multi-policy discount -- on average, you can shave about 10% off of your homeowner's insurance. Discounts are often automatically added to your homeowner’s insurance policy when you renew the same policy year after year.
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Talk back with a writer- tell Lisa Nichols about your experiences saving money on homeowners insurance.