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10 Ways to Lower Your Homeowners Insurance Costs
- Raise your deductible. If you can afford to pay more toward a
loss that occurs, your premiums will be lower.
- Buy your
homeowners and auto policies from the same company. You’ll usually
qualify for a discount. But make sure that the savings really yields the
lowest price.
- Make your home less susceptible to damage. Keep
roofs and drains in good repair. Retrofit your house to protect against
natural disasters common to your area.
- Keep your home safer.
Install smoke detectors, burglar alarms, and dead-bolt locks. All of
these will usually qualify for a discount.
- Be sure you insure
your house for the correct amount. Remember, you’re covering replacement
cost, not market value.
- Ask about other discounts. For example,
retirees who are home more than working people may qualify for a
discount on theft insurance.
- Stay with the same insurer.
Especially in today’s tight insurance market, your current vendor is
more likely to give you a good price.
- See if you belong to any
groups—associations, alumni groups—that offer lower insurance rates.
- Review
your policy limits and the value of your home and possessions annually.
Some items depreciate and may not need as much coverage.
- See if
there’s a government-backed insurance plan. In some high-risk areas,
such as the coasts, federal or state governments may back plans to lower
rates. Ask your agent.
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