Homeowner’s Insurance: How to Save!
You likely may not be considering the proximity of a firehouse when purchasing a home. However, according to The Wall Street Journal, residing near a firehouse has many benefits including, of course, safety. But did you know it could translate into a decrease in your homeowner’s insurance premiums?
True, not all homes are going to be close to a firehouse. However, we all know the crucial role homeowner’s insurance plays in protecting the home and its belongings. Below are three tactics you could implement now to reduce your insurance premiums.
Three Tips For Buying Home Insurance
Comparison Shop
Although not always the most pleasurable experience, shopping around to see what competing companies offer is one of the most powerful tools you have available. One great example is the knowledge you will gain by scouring the reviews of past and present customers. Visiting the website of the National Association of Insurance Commissioners can help call to your attention critical distinctions when choosing your homeowner’s insurance company.
Decrease Coverage
We often think we need to insure our homes for the full price we paid. If you purchased your home at $500,000 you should insure it for that amount, correct? Actually, no. If you experience a major loss you probably will not need the entire purchase price to reconstruct the home. Why? Because the purchase price contained the value of the land also. However, you still need to consider present day costs. Make a full inventory so you do not underestimate the value of your belongings.
Ask Questions
Even though insurance companies have differing discounts the following considerations may result in a reduction of your bill.
- How long have you been with the company?
- Senior discount
- No claims in recent history
- Sprinkler system or smoke detectors
- No smokers in the home
- Multiple policies with the same company
- Improved credit score
- Security features such as alarm system or cameras
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Yes, most of us will not be moving next to a firehouse. But we can save on our homeowner’s insurance in other ways. Give us a call today if you have any questions!
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