Before you settle for a policy: While getting low rates should excite you, you should be more interested in an insurer's rating. It is one thing to pay your premiums diligently and another thing for an insurer to abide by policy terms. It does not take a lot of time to find out from your state's department of insurance's website. You can simply verify an insurance company's rating there (and even if they even licensed to provide insurance in your state).
BBB, A. M Best Company, Phelps, Inc. , Standard & Poor's Insurance Rating Services, Moody's Investor Services, Inc. are resources that you'll do well to check with before you buy a policy from any insurer. Now that we have this at the back of our minds, following are ways to save. . .
1. Let your insurer be paid your premiums automatically and you will be given a good discount. All you have to do is to advise your bank or credit card company to send your premiums at at a particular time automatically until told to stop. Apart from being easier, you will be given a discount for this.
2. Keeping a government homeowner's insurance policy could be making you spend much more on home insurance than you would otherwise. Natural disasters in some areas made it very hard for people there to obtain home insurance coverage. Most people in those regions had just one choice: Government homeowner's insurance sold by a government agency. But this has changed in some areas as some private insurers have braved it and devised a way of giving insurance to such areas.
Some may still have little or no other means of getting home insurance coverage apart from a government homeowner's insurance. But if your area is presently serviced by some private insurers you could save a lot more by buying from them.
3. Install special fire and security gadgets that alert fire stations, police stations or other monitoring center. Not only will you enjoy a huge discount, you will as well feel safer bearing in mind that your house is always monitored. Even though the discount this will attract will differ from one insurance company to another, you can expect to lower your home insurance rate by as much as 25%.
Here is something else to ensure before I give you the final savings tip. . .
Have you prepared for your deductibles? They are different based on the peculiarities of the state. But generally, the more the likelihood of a peril is in a state, the higher the deductibles such a peril will draw in that state.
Florida draws higher deductibles for wind and water damages than California because they are more likely there than in California.
You are better off having adequate provision for such deductibles since you'll have to give this first before your home insurance provider will fulfill its part. Check from your agent what it is for each peril and make good plans for them.
Now to the most important savings tip. . .
4. You could save several hundreds of dollars by simply getting and comparing quotes from about five quotes sites. And, it will require only about 25 minutes on the whole.
Here are great pages for home insurance quotes. . .
Cheap Home Insurance Quotes
Affordable Home Insurance Quotes
Chimezirim Odimba writes on insurance.