Like any big investment, you must be patient and frugal if you want to get the best deal in the sea of homeowner’s insurance rates. The best idea is to shop around; get advice from friends, relatives, or the Yellow Pages, or contact your state insurance department for information on insurance companies in your area. Your state department can also provide you with a list of addresses and phone numbers to these insurers. The National Association of Insurance Commissioners (NAIC) can also give you information on how to choose an insurer and how to file a complaint.
All of these resources can help you learn more about the typical homeowners insurance rates of major insurers. Other sources for information on rates are online insurance quote services, consumer guides, and insurance agents. Receiving information from a wide range of resources will allow you to get an accurate idea of the price range out there.
Choosing the right insurance quote is not only about getting fair rates, though; make sure the insurer you decide on using gives you a fair rate with quality customer service you can trust. The resources listed above can also give you the 411 on the insurer’s background, i.e. what their quality of service is like, how many customer complaints they have had in the past year, etc. After you have assessed these qualities and have narrowed it down to three insurers, get homeowners insurances rates from each of them. It’s also a good idea to check on the financial stability of these insurers by consulting consumer magazines and checking rating companies online.
After you have chosen amongst the best homeowners insurance rates and companies, further your savings by raising your deductible. This will yield more money to save on your premium. For instance, if you can afford to raise your deductible, you can save as much as 25 percent on your premium. It’s also a good idea to stick with one insurer for your home and auto insurance needs. Some insurance companies will give five to 15 percent discounts for purchasing two or more policies from them. Compare these discounted prices with other companies, however, just to make sure you really are saving money.
The less prone your home is to weather damage, the less money you may have to pay to insure it. Installing sprinkler systems, smoke alarms, storm shutters, or other protective accessories can help your house protect itself from natural disasters and can also help you lower your premium.
Adding security devices adds to the safety of your home and therefore may also help lower your payments. Check with your agent first to compare how much these devices will cost with the amount of money it will save you.
Other ways in which you can save money on homeowner’s insurance rates are:
- checking for other similar discounts,
- maintaining a top notch credit record,
- sticking to the same insurance company, and
- reviewing your policy each year to make sure you are not paying for something you do not need.