Archive for the ‘Home Insurance’ Category

Smart consumers are always finding ways to lessen their household expenses without significantly lessening the quality of their lifestyles and safety and security levels. Here are ways to reduce your house insurance cost without lowering the amount of your insurance coverage.

First, buy your house insurance and car insurance policies from the same insurance company. Some insurance firms also offer insurance packages called umbrella policies or bundled policies that include your house insurance, auto insurance and other liability insurance.

Secondly, increase your home insurance deductible to about 1 percent of the amount of your house insurance so your insurance firm can reduce your insurance premium by about 25 percent. An insurance deductible is the portion of damage you will bear or pay before the insurance firm pays your claim. Deductibles are used by insurance firms to prevent small claims and to help them carry risks.

Another way is to remove special coverages that you do not need from your house insurance policy, like coverage for expensive house contents such as paintings and antiques and jewelry if you do not have them and coverage for earthquake if you are not in an earthquake-prone area.

Make sure your homeowners insurance agent has included all discounts available from your insurance firm, like discounts for updated fire and burglary systems, smoke detectors and fire extinguishers. If you are a non-smoker or if you are more than 55 years old, the insurance firm might have some discounts for you.

Eliminate risks that most home insurance firms consider as costly hazards, such as owning a trampoline, dangerous dogs like pit bulls and rottweilers and a swimming pool.

Ask for advice from your agent about how you can improve your risks to get more premium discounts. Insurers put credits on home improvements that reduce damages during storms and that reduce accident risks.

Maintain your good credit score or further improve it by not using up all your available credit card limits, by not having too many credit accounts and by paying all your monthly dues on time.

Lastly, before you switch house insurance firms to avail of lower rates, make sure the discount you will get from the new insurance firm is much higher than the loyalty benefits you are getting from your current insurance firm. Make sure also that the new insurance company has been operating and servicing insurance claims adequately for many years. See to it that your house insurance firm is a reliable and reputable company by checking the site consumeraction.gov/insurance.shtml and the sites of the top rating agencies.

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You can do a lot of things to cut your house insurance cost on your second home without sacrificing your amount of coverage. By doing some of the recommended strategies, you will not only reduce your house insurance premiums, you will also improve your second home.

The location of your second home drives your house insurance premiums up or down. If it is in a gated neighborhood, your premiums will be reduced typically by ten percent. If your vacation home is in a rural area, some insurance firms would not insure your property, but if your house is near a lake or any other large source of water and the rural community has an efficient fire department, you will receive a discounted price.

Installing a centralized fire and burglary alarm system will cut about 20 percent of your house insurance premiums, according to insurance agents. Based on alarm supplier ADT’s prices, a combined security system costs about $300 including installation fees. About $70 is charged for the annual servicing of the system.

Buy your second house insurance policy from the insurance firm where you bought your first house insurance coverage. As a prospective long-time insurance client, the firm can give you a 5 to 10 percent discount on your second policy. You can get additional reductions if you take advantage of the growing trend of bundled policies in the insurance market, such as bundling together home, car and equipment insurance policies into one policy.

Another version of the bundled policy is called umbrella liability policy. This policy covers your two homes, cars, boat and liabilities for accidents on your properties. Insurance agents usually set at least $1 million as the minimum amount of your umbrella policy if your own two homes. A $1 million house insurance policy will cost you about $300, but it will cover your liability in case a visitor has an accident within your property.

Whether your second home is rented out or not also affects your house insurance costs. Many homeowners insurance companies add about 20 percent to your premium if your property is rented out. They contend that renters do not take care of the property and that they even damage the property.

Chubb Insurance however reduces your home insurance premiums if you let renters occupy your second home. The firm believes that second homes are maintained well if they are occupied.

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Most probably you have already reduced your house insurance costs by improving your safety and security systems and you have already made the needed construction upgrades.

Here are some more ways to cut your house insurance costs without sacrificing important coverage.

The first is to consider house insurance when you are looking for a home to buy. Ask your insurance agent what factors are considered in the pricing of policies and which types of houses are difficult to insure and what types of house insurance are hard to get in the locations where you are planning to live. Some homes are not insurable because they have not been maintained well. Some types of homes are insured at very high premiums.

Next is to purchase your house insurance and car insurance policies from the same insurance firm. Many insurance companies have been promoting several of their products by bundling them and offering discounts. Just check with your insurance agent if the bundled insurance products have the same coverages as the separate house insurance and car insurance policies.

Reviewing your house insurance policy every year is another way to save on costs. After a year, your house has probably undergone some changes that could reduce your premiums. On the other hand, you could have added another structure that needs additional coverage. This means added cost but it translates to added savings if something happens.

Owning a breed of dog known to attack people will increase your home insurance, so choose dogs that have been proven to be friendly to people.

See to it that the valuation of your house does not include the land. You do not need to insure land.

If you are a retiree, check if there are discounts offered to seniors. Likewise, check also if there are discounts for non-smokers. Some insurance agents forget to offer certain discounts even if they know there are some discounts available. It does not hurt to ask.

Lastly, be a loyal customer. If your insurance company has been performing financially well through the years and has not been the target of lots of consumer complaints, stick to it. If you keep renewing your policies with the same insurance firm for years, you will be offered discounts from time to time, such as during your milestone birthdays.

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