If you own rather than rent your family home, having good comprehensive homeowner insurance coverage from a trusted provider is very important. What’s more, if you have a mortgage on your home, you could be violating your credit agreement if you fail to purchase the correct insurance coverage for your property. Unfortunately, however, homeowner insurance can be very expensive, with some companies charging over $1000 per year. So, without further ado, let’s talk about some of the ways you can save money on your annual premiums.
What Are Different Ways To Save On Annual Premium?
First of all, did you know that many insurance agents offer homeowners a large discount on the basis of a property’s security system? By installing a high-quality home security system from an insurance firm’s associates, you could access discounts exceeding 10%. Features of the best home security systems include burglar alarms, outdoor floodlights, security cameras, window locks and modern digital door locks.
The age group that you fall into can also have a major impact on the cost of your policy. If you are over the age of 62 then you can often apply for a discount for senior citizens. Many companies set their discount level at around twelve percent of the standard policy cost.
Insure To Have Enough Money Saving Account
Increasing the amount of voluntary excess you are prepared to pay can decrease the cost of your insurance by several hundred dollars. However, you need to ensure that you have enough money in your savings account to cover the cost of the voluntary excess in the event that you need to file a claim with your insurance company.
Opting out of a monthly installment plan and paying for your insurance annually in one lump sum can save you sometimes as much as 25%. This is because must firms regularly charge customers an admin fee for the convenience of manageable monthly payments.
Another way to save money on your home insurance annual premiums is to buy your coverage online. Indeed, many insurance companies give their online customers steep discounts, especially when they opt for paper-free correspondence. The reasons firms offer large discounts to online-only customers is because they are able to save lots of money on administration costs and they can pass on these savings to their customers. That said, if you are good at negotiating, it is always a good idea to phone up an insurance company and try to haggle on the price of your policy. After all, if you don’t ask, you don’t get, right?
The most important thing you need to do in order to save money on homeowner insurance is to collect and compare quotes from as many different insurance companies as possible. It is no good expecting a company to give you a large discount for signing up for the auto-renew option each year. Unfortunately, in the insurance industry, customer loyalty has ceased to be rewarded. Consequently, in order to avoid paying over the odds for your policy, so you need to be prepared to switch providers each year. Know the average homeowners insurance cost per year from ohio best insurers.