Buying home is a dream come true for many, yet many people fail to see the large amount you still need to own one. Apart from the mortgage payments you also have to ensure you get yourself some good home insurance to keep your investment safe. While home insurance may be expensive it’s a necessary evil. No need to worry though as you can still save money when buying home insurance.
10 Tips On Saving Money While Buying Home Insurance
1. Do Your Research
While having so many choices can cloud your judgement it also gives you an opportunity to pick the best insurance that meets your requirement. Before you buy, look, study, and boil down your options to the final few. Speak to your financial advisers and take their advice as well.
2. Secure Your Home
Whether you choose to buy a security system or hire security to protect your home, adding a layer of security will ensure that you pay a lower rate for your home insurance. Insurance companies can give you a discount of up to 20% on your home insurance depending on the type of security you have.
3. Living In Safe Neighborhoods
While if you already own a home this option might not suit your requirements. However, if you’re planning to buy a new home look for neighbourhood safety reports.
4. Combine Different Policies Under The Same Insurer
If your insurance company provides multiple types of insurances consider buying them all from the same provider. While individual policies could cost more, combine them and buying your home and auto insurance from the same provider can save you a lot of money.
5. Disaster Proof Home
If you can add added security against natural disasters it could again lead to saving for you when buying home insurance. Reinforcing your home with storm proof roofs, storm shutters for your windows, as well as improving your electrical and plumbing can help prevent fires and other damage.
6. Improve Your Credit Score
Statistically speaking people with good credit scores typically maintain a good home. They don’t file for false complaints. Credit score improvements can drastically reduce your insurance payments.
7. Be Loyal
Loyalty can be a good thing. If you use the same insurance provider for more than one year, your loyalty can pay. Some companies provide discounts for loyalty. Check if your insurance provider does too.
8. Raising Your Deductible
If you can afford to do it, raise your deductible from the minimum requirement. The higher deductible you claim the lower will be the rates of premiums. You can get almost a 25% discount on premiums.
9. Stop Smoking
Quitting smoking doesn’t only help you with your health insurance but with your home insurance as well. Insurance companies see smoking as a fire hazard at home. They even provide a discount on the home insurance for non-smoking homes.
10. Look For Discounts
There are several discounts on avail for people looking to buy home insurance. While the insurance companies will not let you know up front about them, but you can get a discount if you ask. Group discounts are also a good option to consider.
We hope these 10 tips help you save money next time you’re shopping for home insurance. If you have any other tips let us know in the comments below.