Triangle/Raleigh
Real Estate Blog

Many lenders require you to have homeowners insurance. But just because home owners insurance is required does not mean that all policies cost the same amount. There are several ways you can save money on your homeowners insurance. Wouldn’t you rather put the money you’ve saved into your home? Here are some money saving tips for your homeowners insurance. Only Buy The Home Owners Insurance Coverage You Need. For example, if you don’t live in a flood-prone area, you may not need expensive flood insurance. Similarly, if your house is close to a fire station, you may be charged less on your policy. Also, you may have valuables, appliances, electronics, etc. that lose their value over time. That’s why it’s important to compare the limits in your policy to the value of your possessions at least once a year. You want your home owners insurance policy to cover any major purchases or additions to your home, but you don't want to spend money for coverage you don't need. Multi-Policy Insurance. Most insurance companies that sell insurance products other than homeowners insurance will give consumers discounts for buying more than one product from them. For example, if your auto insurance company also sells homeowners insurance, you might get a discount of up to 15% off your premium for buying both products. Raise Your Deductible. Each $500 you raise your deductible will increase your savings. Most deductibles start at $250; so if you raise your deductible from that to $1,000, you may be able to save close to 25 percent! But remember, your deductible is the amount that comes out of your pocket when a loss occurs before your insurance company starts to pay, so make sure you can afford your deductible in case you ever have to report a loss. Discounts. Many insurers offer discounts for things like the ones listed below: Strong home security in the form of security systems, alarms, gated communities, double locks on both doors, etc. often afford you lower rates. Seniors often enjoy discounts on their homeowners insurance if they are over 55 and retired. A new home's electrical, heating and plumbing systems and overall structure are likely to be in better shape than those of an older home, therefore new homes are usually charged lower rates than older homes in the same price range. Non-smokers usually get reduced rates on their homeowners insurance policy. If you were a smoker when you bought your house, but have subsequently quit, many insurers may lower your rates. Smoking accounts for over 20,000 residential fires in the U.S. a year, so insurers often charge lower premiums to smoke-free households. Shop Around. This is the number one way to save money on your homeowners insurance. If you’ve just purchased or are about to purchase a new home, get several quotes before choosing the company you want to give your business to. Rates can vary by hundreds of dollars from company to company. This also applies to longer term homeowners. Your current company could be overcharging you, and it makes sense to compare rates and think about switching companies if you can save a significant amount of money. But don't consider price alone. The home insurer you select should offer both a fair price and excellent service. Quality service may cost a bit more, but you buy insurance in case you need to make a claim, so it's important to get a company with a good reputation.

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