When it comes to purchasing a home, one of the most important costs to consider is that of the homeowners insurance. Your home is an investment that you’re likely to be paying off for decades to come, and over that span of time, it’s likely you’re going to need major repairs that you won’t want to be paying out of pocket. The number of potential problems with your home because of normal wear and tear means that you’ll inevitably have a major expense. Great homeowner’s insurance can help to cover the costs of such repairs, and it also protects you from serious financial problems should a natural disaster strike and destroy your home.
It’s certainly clear that homeowners insurance is something that you’ll want to spend a bit of time researching before you buy, but how can you find the best home insurance deals? As this type of insurance is mandatory, you might think that there isn’t a way to find low-cost insurance without making serious sacrifices, but there are actually ways to decrease the cost of this insurance. The tips below will enable you to get the best home insurance deals out there.
Shop Around for Great Rates
This one may seem obvious, but many people, whether buying their first or fifth home, tend to get an insurance quote from their family’s insurance agent and move forward without doing any other research. Taking some time actually to look around can save you hundreds of dollars every single month. In truth, spending just a few hours talking to various insurance agents at different companies and checking their websites can help you save tens of thousands of dollars over the course of time that you own your home. In addition to speaking directly to the insurance companies, you could also spend time looking at various government websites which have useful information about the insurance companies in your area. This can help you to weed out insurance companies with bad reputations.
Buy All of Your Insurance from One Company
Although this isn’t always the case, it can sometimes help you to save money by buying your auto, home, and life insurance policies from the same insurance company. Some of the best home insurance deals can be had using this simple trick. All businesses want loyal repeat customers, and they will usually offer incentives to help turn their customers into affiliates for them. One way that insurance companies do this is by offering deep discounts for customers that buy all of their insurance in one place. Of course, even if your insurance company does offer a discount for having multiple policies with them, that doesn’t necessarily mean you’re getting the best home insurance deals with them. There may be cheaper rates out there if you dig, so it’s important to spend time doing your research on your various options before you make a final decision.
Make Your Home Fire Resistant
You may assume if you don’t live on the San Andreas Fault, in Tornado alley, or in a city on the coast that you’re safe from natural disasters. Unfortunately, wherever you live, your home is susceptible to naturally caused fires, arson, and accidents as these things happen everywhere. Fires are a terrible but fairly common way that people’s homes are lost all over the country. In many cases where a home catches fire, it’s destroyed completely and needs to be rebuilt. Complete devastation like this is a huge cost to insurance companies, and although preventing fires entirely is not possible, it is possible to install system in your home that make it less likely to lose your home completely. Many of the best home insurance deals can be had by installing these systems in your home. Ask your home insurance provider if they offer a discount for installing sprinklers in your home. Calculating the cost of the installation and the rate discount, it may take you months or years to save money, but even in that case, it could be worth it in the end as these systems can save your life and protect your irreplaceable belongings.
Install Security Features in Your Home
Security features in your home are one of the best ways to protect you and your family from theft. Burglars are often deterred by homes that have obvious security features such as an alarm system, automatic lights, deadbolts, and other security measures. It’s easy to see why so many homes have these systems, and if yours is the only home in the neighborhood without an alarm system, it’s that much more likely that your home will be targeted. With that in mind, many insurance companies offer discounts for having security features installed in your home. The best home insurance deals offer discounts for having an alarm system in your home.
Make Your Home Disaster Resistant
If you do happen to live in an area where certain natural disasters are more likely, you may be able to get the best home insurance deals by making your home more resistant to these conditions. For example, if you live in an area where earthquakes are fairly common, you can reinforce your roof and that may get you’re a better insurance rate. Instead, if your home is in an area where tornadoes or hurricanes are fairly common, you could install storm shutters. In addition, updating the appliances in older homes can help to get the best home insurance deals, as older appliances may be more likely to cause fires or water damage.
Raise Your Deductible
While this may sound like a counter-intuitive way to get the best rate, it’s actually a quick way to reduce your monthly insurance cost immediately. If you have enough overhead each month to be able to afford a higher deductible should a repair be needed in your home, you could save money each month by raising the deductible. Of course, if you don’t have the budget to be able to afford a higher deductible expense, you shouldn’t change your policy in this way.