When it comes to saving money on homeowner insurance, the importance of shopping around and getting quotes from as many different firms as possible cannot be overstated. In the past, customer loyalty used to be rewarded, but nowadays, if you have your insurance policy set to auto-renew each year, you risk overpaying for your coverage. Fortunately, there are dozens of great compassion websites that you can use to compare quotes from hundreds of different companies in minutes. All you have to do is enter a few details about your property and claim history.
Details About property And Claim History
So, are there any ways in which you can reduce the cost of your annual premiums? Of course, and in this short article, we will briefly highlight a few of the most popular money saving tips and tricks for homeowners looking to reduce their home insurance costs.
To begin with, perhaps the easier way to decrease the cost of your policy is to increase your voluntary excess. The voluntary excess is the amount you agree to pay before the renaming balance is passed on to the insurance company in the event of a claim. You can increase the voluntary excess to over $500 if you wish and this will decrease your annual premiums considerably. Keep in mind that your insurance company will not pay out any claims under the value of the voluntary excess.
Purchase Building And Contents
Another way to save money on your homeowner insurance is to purchase your buildings and contents insurance policies from the same company. By purchasing multiple policies from the same insurance firm, you are in a position to negotiate some steep discounts on your annual premiums. However, in some cases it is still cheaper to purchases separate policies, so make sure you compare insurance quotes carefully.
If you have some spare cash lying around in a saving account, you could save as much as 25% on your home insurance by paying for it annually as opposed to in monthly installments. This is because insurance companies nearly always charge their customers large admin fees for opting for more manageable payment arrangements. Paying for an entire year’s worth of insurance coverage all at once may seem expensive, but it could save you a considerable amount of cash.
Decrease Your Annual Homeowner Insurance
If your property has poor security, you could decrease your annual homeowner insurance premiums by upgrading the security system and installing modern, high-quality locks on all windows and doors. Make sure you opt for an alarm system from a security firm that has a very good reputation in the field. You might also want to think about adding motion-activated floodlights to your property’s exterior, as well as several security cameras.
There are many more ways to reduce the cost of your types of homeowners insurance policies bills each year, so make sure you spend some time researching money saving tips on the internet before you purchase your next policy. Keep in mind that new insurance companies are often desperate for new customers, so you can often get steep discounts by purchasing your policy from a little-known firm.