How to Save Money on Homeowners Insurance

Monday, 25 Oct 2010 11:50 AM

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Homeowners insurance is a basic form of insurance usually carried by homeowners. It is a contract, usually a lengthy one, that protects owners, their homes, and property. Homeowners insurance covers fire, theft, wind and hail, and liability and medical coverage for events that might happen on the property.
 
The following can help you understand and save money on homeowners insurance:
 
· Homeowners Insurance Cost: Homeowners insurance is indeed expensive, but with this insurance, there are many options for savings. You can save on the monthly cost of homeowners insurance by raising your deductibles. This will result in considerable reduction in your monthly premiums, but at a somewhat greater risk. 
 
· Homeowners Insurance Quotes: You should try to get the lowest quote to save money on a coverage plan. But this may result in you facing the risk of coverage gaps. The most inexpensive quote is not necessarily the best for you. Each insurer differs in both terms of the quote and coverage. Hence, it is important to thoroughly investigate every company’s background before making the decision. Also, keep an eye on fluctuating quotes.
 
· Homeowners Insurance Companies: Different homeowners insurance companies offer different quotes and different coverage options. Generally, most homeowners insurance companies offer coverage for houses, condos, and mobile homes. The basic coverage extends to fire, lightning, theft, vandalism, windstorm, hail, smoke damage, falling objects, and damage by vehicles. Also, discounts are offered if you have installed fire alarms, burglar alarms, fire extinguishers, and sprinkler systems.
 
· Homeowners Insurance Policy: A homeowners insurance policy is a contract or a contractual obligation between the insurance company and the insurer, which both the parties should fulfill. Prior to the introduction of the first homeowners policy in September 1950, there were separate policies for the various perils that could affect a home. Now, there are eight homeowners insurance policies covering different perils. You should choose the best policy that suits your needs. 
 
· Save on Homeowners Insurance: The cost of homeowners insurance often depends on the replacement cost of the house, additional riders, and the additional items to be insured. Thus, there are abundant saving options on homeowners’ insurance. Objects like burglar alarms, deadbolt locks, fire extinguishers, and smoke detectors can earn you a discount. In some cases, these discounts can offset most of the additional costs.

So, it is worth checking with your insurer for details. Also, taking more than one type of insurance from the same company saves a significant amount of money. Consider buying your homeowners and auto insurance policies from a company that offers both and you may bag a discount on both. Some companies do offer discounts of 5% to 15% if you buy both types of coverage from them. 

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