Finance Globe

U.S. financial and economic topics from several finance writers.
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Home Insurance Factors that Cut the Cost

Home Insurance Factors that Cut the Cost

Are you in the market for a home insurance policy? Are you hoping to obtain comprehensive coverage at a reasonable price? If so, you are in the same boat as millions of other homeowners.

The first thing you should do is shop around by requesting quotes from a minimum of three home insurance companies. Once you make sure the coverage is identical, list them out from least expensive to most expensive.

From there, consider these additional factors that could cut the cost of your policy:

•    Deductible. Did you know that increasing your deductible will decrease your premium? This means more money out of your pocket in the event of a claim, but until then you are saving on a monthly basis.
•    Multi-policy discount. If you are not purchasing your home and auto insurance through the same company, now is the time to consider a change. Some companies provide a discount of as much as 15 percent. And remember, this will save you money on both policies, not just the one that protects your home.
•    Install safety features. From an alarm system to smoke detectors, make sure your insurance company is aware of every safety feature you have installed. If you make any changes after buying a policy, contact your company to let them know.

These are just a few of the best ways to cut the cost of your home insurance policy. Even if you are comfortable with your current level of coverage, including the cost, don’t shy away from considering a change that could save you money.

If nothing else, contact your home insurance company to discuss your premium and to see if they have any suggestions on saving. 

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Comments 4

Frank on Wednesday, 23 September 2015 09:12

Hi Chris,

Thanks for the great information. I actually wanted to post a question. Do you know the best places/websites to shop around for a home insurance policy? I am currently in the market right now.

Hi Chris, Thanks for the great information. I actually wanted to post a question. Do you know the best places/websites to shop around for a home insurance policy? I am currently in the market right now.
Frank on Wednesday, 23 September 2015 09:20

In regard to question 2, I would add 3 additional “sub” questions that may help you answer if you need more coverage:
1. What does my insurance currently cover?
2. More importantly, what does my insurance not cover?
3. How much additional premium will this cost me if I add coverage on A, B, and/or C?

In regard to question 2, I would add 3 additional “sub” questions that may help you answer if you need more coverage: 1. What does my insurance currently cover? 2. More importantly, what does my insurance not cover? 3. How much additional premium will this cost me if I add coverage on A, B, and/or C?
ChrisB on Wednesday, 23 September 2015 09:57

Hey Frank. Typically, what I advise, is to start with your car insurance company. You may qualify for a multi-policy discount. From there, use the internet to collect information on other highly rated companies.

Hey Frank. Typically, what I advise, is to start with your car insurance company. You may qualify for a multi-policy discount. From there, use the internet to collect information on other highly rated companies.
Frank on Thursday, 24 September 2015 14:46

That is great advice. It is always a good idea to bundle when possible.

That is great advice. It is always a good idea to bundle when possible.
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Monday, 21 October 2019

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