Budget-conscious homeowners know there are often ways to save on goods and services, but might wonder when it comes to homeowners insurance, “how much?” Insurance is complicated, and homeowners insurance cost is determined by many factors. Luckily, despite how complex it might seem, there are some ways you can save on your homeowners insurance.
Here are some budget-friendly insurance tips:
Your insurance company will ask for information about prior insurance history when creating a quote for your homeowners policy. If you’re buying your first home, you likely won’t have prior homeowners insurance history to share.
However, if you’ve ever had renters insurance, you can use this history to your advantage. You may be eligible for a discount on your quote if you’ve never made a claim in the past.
Most insurance companies offer discounts for bundling different types of insurance with the same provider. If your homeowners insurance provider offers car insurance, for example, it might be worth it to switch your auto policy to them and bundle.
Standard homeowners insurance policies include dwelling coverage, liability coverage and personal property coverage. However, they might also offer additional coverage at a discount compared to what you pay elsewhere. For example, if you have personal liability insurance with another provider, you may be able to switch and lower your homeowners premium at the same time.
Gaps in insurance history can sometimes equal higher premiums. If you’ve ever fallen behind on payments and had a policy canceled, your new insurance provider may see that as a higher risk and increase your premiums.
As long as you keep any existing policies current, you’re more likely to avoid penalties from a new provider. You may even be offered a discount for being fully insured for a long period of time without gaps.
These are only a few tips for saving on your homeowners insurance policy. Shop around for the best quote, and inquire with an insurance agent about any special discounts you might be eligible for.
As a top producing agent, I specialize in Oakland and S. Genesee County areas. I work with all types of Buyers and Sellers, including first time, move up, relocation, second homes, luxury homes & investors. I am a company top producer with Real Estate being my full time job. Through out my over 20 years in the business, I have been actively involved in my local Board of Realtors serving as a committee chairman, a member of the Board of Directors and as past president of my local board of Realtors. I love my job and love all things real estate. My goal is to provide you with an experience above and beyond your expectations so you will want to refer me to your friends and family. I constantly strive to build a strong working relationship with my clients. My goal is to be “Your Realtor for Life”. Let me make you and your Real Estate needs my number 1 Priority!
