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How to get cheap homeowners insurance

How to get cheap homeowners insurance

Insuring your home against perils does not have to be expensive because there are ways you can get cheap homeowners insurance. Just by being a loyal customer or by maintaining good credit can translate into lower premiums. Below are some of the ways you can use to ensure you pay cheap home insurance rates.

Use insurance bundling

This means having many policies with one insurer. If your auto and home insurance are with one insurer, you can save as much as 30 percent in premiums. If you also include life insurance, the savings will be more. An additional benefit is the ease of payment because you will be writing one check.

Increase the deductible

The higher the deductible, the lower the premiums you should pay. The deductible is out of the pocket amount that you pay before the insurance comes in. You can have your premiums reduced on the condition that you will pay a higher deductible to help you achieve your goal of cheap home insurance rates. The only catch is that you should have enough money for the deductible at all times in case there is a peril.

Install a home alarm system

An alarm system improves the security of the home. In case you have a fire alarm, carbon monoxide and motion sensors, you are likely to reduce the insurance premiums. If you have an advanced security system that has monitoring, the insurance premiums discounts are higher. Having an alarm system and monitoring reduces risks such as that of fire and theft, resulting to low premiums. Just make sure that you have an idea of what you will save if you install a security system by checking with the insuring company or an agent.

Maintain loyalty with the insurance company

Using the services of one insurance company for duration of about three to five years can result to cheap home insurance rates. This is because of the discounts provided by insurance companies to its loyal customers that can range from five to ten percent. However, some insurers may require you to stay claims free or to have multiple policies before getting the benefit of loyalty discount.

Have a good credit rating

If your credit score is high, you can get lower premiums on your home insurance and therefore, pay cheap homeowners insurance. Insurers use credit reports to gauge how risky a customer is. According to statistics, someone with a good credit score is likely to have fewer claims. Insurers use different ways of calculating the impact of credit scores on the premiums. You may find that with the same score, the premiums are lower for one insurer and higher on the other. You should therefore shop around and inquire before settling with one insurance provider.

Prepare your house for disaster

Having your home fortified can result to discounts on your premiums and therefore, reducing the amount of insurance that you pay. You can do this by making your home storm ready through proper roofing.

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