Saving Money on Homeowners Insurance

Did you know that you can save money on homeowners insurance a number of ways? Discounts from your insurance company are available for a wide variety of reasons, ranging from the type of building material used to build your home to how close you live to a fire station. These discounts will vary by state and insurance company.Here are some specific ways you can save money on your homeowner’s policy:

• Shop around - Check with many different insurance companies to get rate quotes. Do your friends or family members like their insurance company?
• Raise your deductible -The deductible is the amount of money you have to pay toward a loss before your insurance kicks in. Be careful to make sure you can afford to pay the higher deductible out of pocket if something should happen. Typically, deductibles start at $250. For instance if you increase your deductible to: $500 and save up to 12% on your premiums/ $1,000 and save up to 24%/ $2,500 and save up to 30%/ $5,000 and save up to 37%.
• Buy your home and auto policies from the same company - Many companies will give a multi-line discount if you buy both homeowners and auto coverage from them.
• Insure your home, not the land - While your home and its contents are at risk from fire, theft, windstorms and other perils, the land your home sits on is not. Don't include the value of the land in deciding how much homeowners insurance you need to buy.
• Improve security and safety - Items such as deadbolt locks, burglar alarms and smoke detectors usually can bring discounts of 5% each, depending on the company. Your insurance company may also offer a significant discount of 15% or 20% if you install a sophisticated home-security system.
• Stay with an insurer - If you've kept your coverage with a company for several years, you may receive special consideration. Several insurers will reduce their premiums by 5% after staying with them for three to five years; and some companies will discount you as much as 10% after six years.
  

For more information on this subject, click here. For all your real estate needs contact Nolting Real Estate at http://www.noltingrealesate.com/ and/or 636-391-9997.