How to Find the Cheapest House Insurance
- Improve your deductible. The easiest way to save money in your homeowners insurance is to simply increase your insurance deductible. However, since you will need to be able to pay this amount in case of a claim, you shouldn't raise your deductible above what's easily accessible in your personal savings.
- Use an insurance comparison website to check on rates. Just like car insurance, prices for house insurance can differ significantly. If you're concerned about finding the least expensive house insurance, plan to get quotes from a minimum of three companies.
- Ask your mortgage company for guidance. If your mortgage payment includes house insurance, a representative from the mortgage company might be able to suggest an agent who can offer affordable protection.
- Check into group coverage. Some companies offer group discounts for homeowners insurance like a benefit to their employees. Professional organizations and alumni associations may also offer home insurance discounts that can provide you with a better deal than buying a policy on your personal.
- Look for discounts. Many times you can cut costs by having multiple insurance policies with the exact same company. For example, you may want to contact your auto insurance company to see if discounts are offered for those who also purchase homeowners insurance. Sometimes companies also offer discounts for seniors, people who install security systems from selected businesses, people who live in low-crime areas or individuals who refer other family members to the company.
IMPORTANT NOTES :
- Saving money isn't the only issue when buying homeowners insurance. Take the time to see your policy carefully before you sign it. Ask questions if you do not understand something.
- A standard homeowners insurance policy doesn't cover surging or earthquakes. Separate coverage must be purchased if this can be a concern.
- Once you've purchased your insurance, plan on comparing rates again in 3 to 5 years. The company with the best deal now may not have the cheapest house insurance later on.
- If you work out of your home managing a daycare or other home-based business, a regular house insurance plan will not cover liability for these activities. You'll need additional insurance to be protected.