Consumer Guide to
Homeowner's Insurance Savings
Raise
your deductible to lower your
premium rate. If you have a $250 deductible, consider raising
that. Make sure your deductibles are set to an amount you can
comfortably afford.
Explore "package discounts" that may reduce your rates
if you insure your home and cars with the same company.
Install dead bolt locks on all exterior doors. This will
deter break-ins -- a worthy goal in itself-- and often will qualify
you for a premium discount.
Install
smoke alarms in your house. Since fire losses are one of the
most expensive types of claims for insurers, they want to encourage
you to have an early warning system in case of fire. By installing
one or more smoke alarms, you may be entitled to a premium discount.
If
you have a nonsmoking household, be sure to let your agent
or insurer know. Smokers in a home represent a higher risk because
of the possibility of an accidental fire. If your household consists
totally of nonsmokers, ask about a premium discount.
Consider
installing a sprinkler system. Fire suppression systems may
make you a more attractive customer for a homeowners insurer.
If you've gone to the expense and trouble of installing such a
system, you should be rewarded for your efforts.
Prevent
losses from break-ins with home security systems, such
as special lighting and burglar alarms. Insurance companies encourage
their policyholders to adopt these measures and may offer a premium
discount for having some sort of home security system in place.
Find
out about special discounts offered by your insurance company
or agent. You may qualify for a reduced rate if you are over 50
years old, live in a gated community, etc. Ask your insurance
company or agent about available discounts.
Be
sure to review your policy annually with your agent or
customer service with your agent or customer service representative.
When comparison shopping, be sure to look at coverage terms, service
and pricing that is best for you. Prices may vary by hundreds
of dollars, so consider the importance of quality service -- not
just price alone
