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How to Save on Home Insurance

By George G.

Home insurance rates have increased considerably over the years depending on a number of factors including your insurance company, deductible, credit score, discounts, and other variables. When you're shopping gor a home insurance policy, it pays to educate yourself on how to get the best deal and save on your premiums. Here are 10 ways that can help you save on home insurance considerably.

1. Discounts

You may qualify for a discount if you meet certain requirements. Talk to your agent about different discounts or carefully read over your policy. Some insurance companies offer discounts to retired people aged 55 years old and above while others give discounts to military families. Don't be afraid to ask what you can do to lower insurance premium. And, if you've added things such as fire alarms, smoke detectors and extinguishers or a security alarm system to protect your home, these safety measures can also help you save on premiums.

2. Improve Your Credit Score

If you've a low credit score, it'll have an effect your insurance rate. Make an effort to raise your score and you'll see a decrease in your home insurance premiums.

3. Combine Insurance

If you use the same insurance company for multiple policies such as your auto and home insurance, then you may qualify for a discount of up to 15%. Adding additional members of the household to your auto policy may also lower your premium. If you're unsure, ask your insurance agent .

4. Homeowner's Association

If you reside in an area that's part of an association, then you may qualify for a discount. Insurance companies consider homes that are part of an association are a lower risk since it's in the best interest of all homeowners to look out for each another. Proximity to fire hydrants, fire stations etc can also earn you discounts.

5. New Home

If you're buying or building a new home, you can qualify for a discount as newer homes usually have the latest, more efficient electrical, heating and cooling systems. Also, if you've upgraded these systems in an older home, inform your agent. You may still be eligible for discounts.

6. Raise Your Deductible

Homeowner’s policies typically carry a $500 deductible. If you raise your deductible to $1,000 or more, it can reduce your premium rate. However, do this only if you already have set aside an emergency fund.

7. Quit Smoking

A non-smoking household pay less for their home insurance than a smoking household since there's an increased risk for a potential household fire. Reduce your home insurance premiums by not smoking and you'll have the added benefit of a healthier life.

8. Consumer Loyalty

If you've been with your insurance company for some years, you may be qualify for a discount of up to 10%. Like most businesses, insurance companies are happy to retain their customers, and if you refer someone, they may even reward you an additional discount.

9. Understand Your Policy

If you've had your insurance for a while, you may not need the additional riders that you once did. If you've sold or given away valuable jewelry or artwork, update your policy and take advantage of a reduced rate.

10. Update Information

Inform your home insurance company of any recent changes such as getting married, adding a security system or if you’ve quit smoking. Updated and accurate information may lower your premiums significantly.

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