Thursday, September 13, 2012

3 Easy Ways to Get Cheaper Home Owners' Insurance

Buying a home is expensive, there is no denying that. After closing costs and appraisal fees, homeowner's insurance is probably the last thing on your mind—just another costly expense. But if you think that skipping out on purchasing homeowners insurance is good way to cut some corners and continue a "frugal" lifestyle, you're wrong. The truth is, without home owner's insurance you can potentially lose thousands of dollars if your valuables get stolen or accidentally damaged in storm or fire. 
That said, protecting your investment—your home—with insurance is the smartest thing you can possibly do. However, there are a few ways that you can obtain some discounts so that you're "added expense" isn't so, well, expensive. To learn how to chop down the price of your homeowner's insurance, continue reading below.
Combine Policies. First and foremost, if you already have auto's insurance your best bet is to see if your insurance provider offers homeowner's insurance too. Most companies offer "bundle packages" at a special discounted rate to their customers. So before you go hunting for an individual home insurance provider (which you should to compare prices) you should see what kind of offer your current auto insurance provider will offer you.
Improve Home Security.  While it varies from policy-to-policy, most insurance providers offer discounts to those who can prove that their home is equipped with necessary safety-precautionary tools such as working alarm systems—sometimes you can save up to 15%. But most home security discounts are not limited to alarm systems. Other home modifications that typically give discounts include the following: smoke detectors, dead-bolt locks, carbon monoxide detectors, possession of a fire extinguisher, and an updated heating system just to name a few. 

If your house is located near a fire hydrant or better—a fire department—you may be subject to some additional discounts too. Of course, there are several different security measures that can grant you a discount(s). So make sure you talk to an agent for a proper list of potential discounts. 

Get a Higher Deductible.  Lastly, you can opt to get a homeowner's insurance policy with a higher deductible, which can lower your premium quite significantly. Just make sure that if you ever do need to make a claim, your budget can actually afford the deductible you agree on. 
Tracy Myers is a freelance writer and blogger who was formerly an insurance agent with various major insurers. Now, Tracy enjoys giving advice to readers about home, health, and auto insurance. You can read more of her writing on Feel free to leave comments below!

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