Omaha
Buyer's Broker
Changing the Way Omaha Buys a Home™
10 Ways to Lower Your Homeowners Insurance Costs
Homeowners insurance is a must, whether your home is a mansion or a cozy cottage, and whether or not your home is paid for. Of course, if it's not paid for, the lender will require you to maintain insurance at all times. But the cost of your home insurance can vary by hundreds of dollars from one company to the next. While it’s important to have enough coverage to replace or repair your home and belongings if they’re damaged or stolen, there’s no reason you should pay more for Homeowners insurance than you need to. Here are ten tips that will help you find the best prices on Homeowners insurance and keep those home insurance premiums manageable.
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 if you have years of "loyalty" to one company.
See if you belong to any groups such as associations and 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 and flood plains, federal or state governments may back plans to lower rates. Ask your agent.
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