How to Save on Your Homeowners Insurance

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  1. Raise Your Deductible –  Deductibles are the amount of money you have to pay toward a loss before your insurance company starts to pay a claim, according to the terms of your policy. The higher deductible you choose, the bigger discount you get. But, only take a deductible that you could reasonably afford in the event of a loss.
  2. Improve Home Security – Many policies with many companies will give a percentage discount for homes with Central Station Alarms. It’s not usually the 20% that the alarm companies promise, but it’s a few dollars. Plus it is something you can do to avoid a loss, and avoiding a loss is always better (and cheaper!).
  3. Ask About Discounts – Many companies offer Senior Discounts, Non-Smoking Discounts, Smoke Alarm/Fire Extinguisher Discounts, etc. If you don’t ask, they do not know to give them to you!
  4. Maintain a Good Credit Record – If you believe your credit rating is higher now than when you bought the policy originally, check back with your agent. Chances are you qualify for a bigger discount.
  5. Stay with the Same Insurer – Compare what you can save with a new company and new policy to that of your present company and policy. Chances are, you are earning claim free and loyalty discounts with your present carrier and they are much less likely to cancel you in the event of a loss.
  6. Get Private Insurance instead of Force-Placed – If for whatever reason you let your policy lapse and your bank force-placed a policy on the property, you’ll want to try to get your own insurance. It’s cheaper and more comprehensive by far.