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Have you gotten your homeowners insurance renewal recently? It's not your imagination. In the past few years, rates have been jumping significantly.

Many customers have seen rates rise 10 percent this year, seven percent last year and there are statewide insurance commissions that attest to these hikes.

Whether the insurance companies are raising rates to make up for a bad economy, homeowners more prone to filing claims, or to allay those customers who quit paying on insurance or to drop policies is somewhat irrelevant for you. You just need some tips on how to lower your property insurance rates.

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Grab the Lowest Fruit First

When aiming for savings on your property insurance, start with the easiest and fastest ways to save first.

  1. Get multiple quotes simultaneously.
  2. Compare quotes carefully.
  3. Buy multiple policies from the same insurance carrier to qualify for multi-line discounts.
  4. Research credit worthy insurance carriers at A.M. Best
  5. Beef up security and safety features in your home.
  6. Pay premiums in one lump sum annually to save from installment charges.
  7. Increase your deductible.

Be sure to read up on the latest ways to save on your homeowners insurance by checking out US Government's tips on the subject.

How to Compare Quotes

Starting with the first item on the list, getting quotes is easy and fast. It's a matter of knowing how to compare them that is a bit trickier, but well worth your time if you want to realize more savings. The number one thing to remember is that quotes are not set in stone.

If the premium seems too high, just change up a couple details. Obviously, do not lie. For instance, try requesting a higher deductible, rather than the 500 dollar deductible listed on your quote. The main issue is to make sure any deductibles are realistic, because if you have a house fire, you need to pay the deductible to receive your benefits.

The difficult part is that the carriers all offer a huge variety of products that have many variations on the same theme. You might believe you were asking for quotes for different styles of homes based on the resulting quotes. Be sure that if you have an inflation guard on one policy you are being offered that on all the others.

Inflation guard means that if you have your policy for years to come the maximum limit will rise with inflation. For instance, if you bought your policy when you built your house in 1970, your maximum limit might have been 75,000 dollars. If you had that policy for the past 44 years, your maximum limit might be closer to one million dollars.

Find added ways to protect your belongings with this site.

Determining the Right Limits

Another great way to lower property insurance premiums is to buy the proper amount of coverage. Too much and you are overpaying and will never be able to see that money, even if you file a claim.

For instance, say you buy a policy that pays out up to 500,000 dollars. Let's say that your home would cost 200,000 dollars to rebuild. The insurance company is probably not going to hand over the difference, say 300,000 dollars. Always know how much it costs to rebuild your house in today's numbers.

Find out by asking a professional contractor and a professional home appraiser.

Cover Against What Perils You Might Experience

Other than making sure you have the right limit, be sure to cover against likely damages that cause the most costly headaches for homeowners. For instance, wind damage is one of the worst offenders for homeowners, along with hail. Be sure to cover against mother nature's specific dangers in your region.

If you are prone to earthquakes or are living on a Federally designated flood plane, then you need to buy those policies separately from homeowners coverage. As winter months approach, be sure to have coverage against falling objects, such as tree branches, ice and snow.

Read the Policy

Always read the policy before you agree to sign up for it. Make sure that falling objects are included in coverage instead of excluded, for instance. Ensure there's no zeroes lobbed off the maximum limits, from say a typographical error or simple math mistake.

It Pays to be Efficient

While you do not have to buy all of your policies at the same time to save money, buying your auto and homeowners insurance from the same carrier usually does. Furthermore if you can part with a chunk of change, consider paying your premiums in full when your policy goes into effect.

If you pay in installments you probably will incur extra charges for making more administrative work for the insurance company. As a side note, find savings in those auto insurance policies, for everything from having a driving-age star pupil to years-long stretch without claims.

Preventing Household Claims

Avoiding claims on your house is another topic that's good to touch upon. Start by living in a safe neighborhood near an excellent fire house. Close in on a home near a fire hydrant and you can save more money.

Take your responsibility to keep your belongings and home safe from burglars and fire seriously. Get a fire and security monitoring service. It all adds up to savings that can lower your property insurance. Take another stab at saving by having safes bolted to a closet floor to keep valuables safely locked away.

Do not fall victim to rising insurance rates. Slash your next bill by combining multi-line discounts with higher deductibles and by adding safety features to your home.

Of course, be honest about your household when buying your policy. It might save you some pocket change up front on your policy, but lies cost you considerably more when you have to make a claim. Finally, shop around and compare quotes to get the most bang for your buck on your next policy.

Be sure to compare rates using our FREE search tool below!

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