11 Surprising Ways for Savings: Compare Home Insurance Quotes

Your homeowners insurance costs vary based on the size of your house, the insurance carrier you’ve chosen, and the coverage options you choose. But there’s a way to drive down your insurance costs while adequately protecting your home and assets. Compare home insurance quotes and play with the price variables, here are some clever tips to keep your insurance costs lower than normal rates. 

In this blog

1. Shop Your Policy Options

First things first, explore the variety of available homeowners policy options. Doing a homeowners insurance comparison via shopping online can help you save anywhere from a few hundred dollars to a thousand. Quotes from three or more companies will help you evaluate your options. You can find information on the insurer and the policy via multiple sources, such as:
  • Recommendation from friends and relatives.
  • Your state’s insurance department.
  • Ratings of insurers by independent rating agencies.
  • Policy quotes from companies or agents.
compare home insurance quotes best

2. Raise Your Deductible

A deductible is an amount you pay before your insurance coverage kicks in. For instance, a $2500 deductible means you must spend $2500 out of your pocket before your insurer begins to pay for the covered loss. So, if you bear a loss amounting to $1700, you would need to pay the amount yourself. However, if the loss amount is $5000, you would need to pay $2500 and your insurer would pay the rest.  

As a rule of thumb, the higher the deductible, the lower the premium. For example, if the deductible is $1500 for $5000 coverage, your insurer will be covering you for $3500. However, for a deductible worth $500, the insurer will be covering for $4500. The latter constitutes a greater risk, leading to a higher premium. If you’re living in a disaster-prone area, you will most likely have a specified deductible plan for certain damages.  

Multiple coverage options on your fingertips.

Choose from various options and select the policy
that best suits your requirement.

3. Purchase and Compare Home Insurance Quotes From the Same Insurer

One of the easiest ways of driving down your insurance cost is to purchase two or more insurance policies from a single insurer. For example, if you buy commercial auto insurance and homeowners insurance from the same company, you may get a discount of 5 to 15% off your regular premium. You can compare the cost of buying your policies from different companies versus from a single company.   

compare home insurance quotes decision

4. Exclude the Land Value of Your Home

Your homeowners insurance protects you from losses due to theft, fire, windstorm, vandalism, etc. If you think of it, your home is susceptible to these risks, but the land where your home sits is not. Meaning, you can exclude the land value while deciding the amount of homeowners insurance and keep your premium minimal.   

5. Secure Your Home

According to an FBI report, a burglary is commited in the United States every 20.0 seconds. Practice home security by installing fire extinguishers, smoke detectors, water sprinklers, CCTV cameras, deadbolt locks, etc. These security systems help in controlling loss amount or the risk of loss itself. As such, you can get up to 20% off on your premium. Just remember that:

  • Not every security system makes you eligible for a discount, so you need to check with your insurer.
  • Security systems can be expensive. Get a security system recommendation from your insurers, and compare the cost of installing the system to the discounts on premiums.

Multiple coverage options on your fingertips.

Choose from various options and select the policy
that best suits your requirement.

6. Implement Disaster-Resistant Techniques

Your home may be at risk from different perils such as windstorms, hailstorms, and so forth. Your local insurance agent has the best knowledge regarding the risks you are most vulnerable to. Consult with them to find out ways to make your home more disaster-resistant. For instance, you may need to add storm shutters, install stronger roofing, modernize electrical systems and plumbing, and so on.   

If you’re purchasing a new home, then make sure that it’s been built according to FEMA‘s Building Codes Save. 

compare home insurance quotes effectively

7. Before you Compare Home Insurance Quotes, Keep a Good Credit Score

A good credit record adds to your credibility, making you a less-risky customer. In other words, a higher credit score reflects a lower probability of filing insurance claims. Consequently, your insurer will charge you lesser. Try to establish a good credit record by paying your bills on time and keeping credit balances low. Check your credit report religiously and ensure its accuracy. 

8. When you Compare Home Insurance Quotes, Ask for Discounts

The discounts that you may get vary from state to state and company to company. The best way to explore discount opportunities is via your insurance agent. For example, you may be eligible for a discount if you’re a retired person or if you’ve upgraded your plumbing system. There are many ways of getting personalized discounts. Talk to your insurance agent for the best advice. 

9. Look Into Group Coverage

Check with your employer and find out if they administer a homeowners policy under a group insurance program. You can also consult with business groups or professional alumni to find insurance packages at reduced prices. Such group coverages reduce per head insurance costs.  

compare home insurance quotes efficiently

10. Evaluate Your Insurer’s Loyalty Discount

Insurers can offer you discounts simply because you’ve chosen them for the long term. But that doesn’t mean you should stop doing a homeowners insurance comparison. Failing to shop periodically may make you vulnerable to overpaying. According to Consumer Reports, 5,000 consumers among 81,000 respondents switched their carriers in the last three years because they were able to get a lower price.

Having said that, your insurer may reduce premiums for each year that you do not file a claim. So, it’s always prudent to check with your insurer and evaluate the benefit of sticking to your existing insurer versus switching to another.

11. Review Values and Limits of the Home Insurance Quotes

The value of your possessions changes with time due to depreciation, appreciation, etc. Therefore, update the value of your possessions to accommodate new value additions or purchases to your home. Likewise, check whether you’re paying for coverages that you no longer need.

For example, you may be paying for personal articles floater coverage for a camera that cost you $2500 a few years ago. Since the camera’s value may have depreciated by now, you can revise the coverage and lower your premium.

Saving on homeowners insurance shouldn’t be a tough nut to crack if you implement the above-mentioned tips. With a little time and some effort, you can potentially save hundreds of dollars.

Start your homeowners insurance comparison research and find an agent for the best deals.

Multiple coverage options on your fingertips.

Choose from various options and select the policy
that best suits your requirement.

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