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7 Sure-Fire ways of reducing your home insurance premium
7 Sure-Fire ways of reducing your home insurance premium
Home security improvement:
All insurance companies will happily offer you a discount for burglar
alarms and smoke detectors. Homes with fire and burglar alarms that
communicate with a third party monitoring company receive a higher
discount on their insurance premiums.
When possible, choose a higher deductible:
To reduce your premium, it is best advised to increase the deductible to
the extent you can afford. Your home insurance premium will fall by as
much as 20% if you increase the deductible from $200 to $1000.
Multiple insurance – Same provider:
If you consolidate your home insurance and auto insurance with one
insurance company, expect a premium reduction between 10 – 15%. This also
means you are making one payment for all your insurance needs.
Consolidate and win.
Discount for non-smokers:
Some home insurance companies will offer a non-smoker discount to the
tune of 15%. Check with your insurance company if they offer a
non-smokers discount.
How far is the fire station?
If you live more than 5 miles from the nearest fire station and more than
1,000 feet from a fire hydrant, you can expect a higher premium. Also if
you live in the country, you will probably pay higher insurance rate than
if you were living in the city.
Type of construction:
The construction type of your home also plays an important role in
determining your insurance premium. A wood frame home will cost more to
insure than the one built mostly of concrete.
Claims free record and renewal discounts:
If you have not had a claim under your current home owners policy for the
past 3-5 years, you will get a 15% discount on your premium. Expect
additional discount if your policy has been in force with the same
insurance company for 3 years or more.
Conclusion:
I am hopeful you have gained preliminary knowledge on the subject of home
insurance premiums. With these helpful tips you will be able to
understand and demand discounts on your home insurance premiums. Good
Luck!
About the Author
"@Copyrights 2005" - Bill A Smith is an insurance agent and insurance
advisor for Sunshine home and auto insurance services. Bill has over 10
years of experience in providing insurance services to clients.
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