A home owner insurance company’s quotes and rates are determined by a number of factors, and aside from shopping around and opting to pay higher deductibles there are ways you can save money on your home owner insurance policy if you keep these factors in mind.
Below are several tips for saving money on your quotes and rates based on the factors considered by home owner insurance companies. Buying your home owner insurance policy from the same company you buy your car insurance policy will get you discounts on your quotes and rates. Sticking with your home owner insurance company for several years may get you a long-term customer discount. Reviewing your home owner insurance policy annually, or whenever you make changes to your home, your home’s contents, and your valuables, will undoubtedly make changes to your insurance rates. Opting to purchase your home owner insurance policy from a private insurer rather than a government plan may save you money on insurance rates. Buying home owner insurance through a group insurance program, such as one offered by your employer, may allow for cheaper quotes and rates. Installing and upgrading your home’s safety features will save you a significant percentage of your home owner insurance rates. These include anti-theft alarms, sturdy doors and windows, dead bolt locks, and smoke detectors. Avoid including the value of your land when considering rebuilding costs. Policyholders often list the cost to rebuild as the cost they paid for their home, and this is not accurate representation of the true rebuilding cost.
Remember, these are just a few generic examples of the ways a home owner insurance company sets quotes and rates for their potential policyholders, as well as ways you can get lower rates for your policy. Always talk with your insurance agent about the savings and discounts you can get with that particular home owner insurance company.
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