Many property owners find that the cost of homeowner’s insurance can make it difficult to lead the lifestyles that they want. While it is possible for them to afford monthly mortgage payments and bills, high insurance costs reduce the amount of money that they can invest and save for retirement. In following these steps, though, finding the cheapest homeowner’s insurance should be easy.
Shop Around When You Buy Your Homeowner’s Insurance
Comparison shopping is one of the most important things that you can do when buying homeowner’s insurance. You might think that all insurance providers are alike, but the truth is that rates can vary substantially. Conducting some research can help you determine which policies meet your budget requirements.
Bundle Your Policies With the Same Provider
Lots of companies offer discounted rates when you buy multiple policies from them. Bundling your homeowner’s, auto, health and other insurance policies can help you save a lot of money. If you buy flood, fire, earthquake and other policies for additional protection, be sure to ask your provider if you qualify for discounted rates.
Raise the Deductible on Your Homeowner’s Insurance Policy
Raising your deductible by a few thousand dollars can lower your monthly payments. Choosing your deductible is kind of like walking a tightrope. You want to be sure that your deductible is low enough to help with any home repairs, but you also want it high enough to lower your monthly payments.
Make Home Improvements
Many insurance companies give homeowners discounts when they install security systems, replace old windows and upgrade fire detectors and sprinkler systems. Contact your insurance company to discuss home improvements that will help you reduce your monthly payments. Doing so can lower your bill and increase the value of your house.
Review Your Homeowner’s Insurance Policy Annually
You will get the cheapest homeowner’s insurance if you review it annually and make any necessary changes. This is especially true if you have extra coverage for high-cost items in your home. The computer that was worth a couple of thousand dollars 10 years ago might be worth very little today. You can cut costs by eliminating items that you do not want to cover anymore or reevaluating items to make sure you do not overpay.
How Can I Get The Cheapest Homeowner Insurance?
| homeownership costs, insurance, saving money | 9 comments »
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I think that the last point is the most important. It is so easy to forget to see if you can get a better deal when you renew your insurance every year.
Thanks,
Nate
Interesting post - I literally just got off the phone finalizing my condo insurance policy. Obviously condo insurance is far, far cheaper than insurance on a standard single family home.
The difference between a $500 deductible and a $1000 deductible was $23 per year. It would take me 21 years for that difference to make up the gap in deductible. I went with the $500 deductible... I figure in that amount of time I'll have a claim!
Insurance is one financial area that I really don't know enough about - I don't have any of it that I pay for myself yet (I don't have a car, house, etc.). I should at least start looking into life insurance soon at some point. I do invest in some insurance companies, though:)
@ Avery
Yeah, that is likely the better choice. It is such a small sum that you would be quite upset if you had a claim in the next 3-4 years and had to pay double in deductible.
@Money Energy
Life insurance is an important decision. I do not know anything about your age, marital status, or family status- so I can not really give all too much insight. Term Life Insurance is for a set period, it is cheaper, and typically more so used by younger people who want a policy in the event of their death to provide for their family/spouse.Term is only payable on death, so if the period expires you can either get a new policy or not but the money you invested stays with the insurance co. Whole is more expensive but would cover you until your death or if you chose to pull out of the policy you do get money back. It can also be used for other financial backing.
I will send this to your email in case you dont see the comment
Great point about the deductible. I recently raised the deductible on one of my policies from 1 to 2% and it makes a small difference.
We just got a new quote for both auto and home insurance together, and are shaving over $300 on the auto, and $100 on the home insurance. That's a savings of $400 over one year!
The State Farm Homeowners Insurance Policy offers protection for your dwelling, as well as your personal possessions and personal liability.
Nice article
To get quotes from the best companies in your area so you can compare them in order to save on your home insurance.
Cheap Home Insurance
Thanks
Home insurance covers lots of different things. I don't understand all the details of my home policy, but my homeowners insurance agent is always a phone call away. Try visting your agent or a homeowners agent in your city.