Tips for Obtaining the Best Home Insurance Quotes

It may not appear at the top of most young people’s ‘to do’ list, but gathering home insurance quotes is essential for securing financial stability. When deciding upon the best policy, it is important to carefully examine your needs and decide on the amount of coverage you require well in advance.

homeowners insurance

Shop Around for the Best Deal on Home Insurance

Many people will be tempted to opt for the first reasonably priced policy they come across, instead of shopping around. The variety between insurance quotes between companies is huge, with many competing against each other to give you the best deal possible. It is also advisable to check, at least every two years, to see if your premiums are still cheaper than other providers.

Contact Your Current Insurance Provider

It may be worth contacting your existing insurance provider if you are have a policy out for another reason. For example, those who have taken out car or life insurance with a particular provider may be entitled to a discount of up to 15% if they combine their policies. This is a reward for loyalty and the majority of insurance companies provide this.

Consider Increasing Your Deductible

Most households, especially student and house sharing properties, use their own cash to pay for small breakages and damages instead of claiming it on their insurance. If this is the case with your home, you could enquire about increasing your deductible to save you money on your monthly payments. According to a recent survey of insurance rates, increasing the deductible from $2000 to $4000 on a homeowner’s insurance policy can save nearly $200 a year from a policy’s principle. By doing this, households and families should not see a difference in their finances, however they are assured that their property is covered if an unfortunate event did occur.

Plenty of houses end up paying for contents cover that is unnecessary. Student accommodation and house shares can see people come and go in rather quick succession, causing many changes to the insurance to be made. However these are often forgotten about. It is worth keeping a check on how much expensive jewellery, electronics, furniture and vehicles are situated at the property. Reducing this contents coverage as and when people leave will save a significant amount of money.

Save Money By Doing Your Part

Some insurance companies will also reward customers who have taken extra measures to ensure the protection of their property. Storm shutters, fire extinguishers and security systems are just a few of the many projects that could help with the cost of home insurance. Although most young people shy away from groups such as the Neighbourhood Watch program, joining one of these will also decrease the amount of money you pay on your home insurance payments.

Young people’s homes are a favourite amongst burglars who recognise the fact that many own expensive electronics and gadgets. Ensuring that a home is protected against damage and theft is extremely advisable.

How did you first shop for home insurance?

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About LaTisha

"Money is a tool. Use it to get where you want, but don't let it control you."- LaTisha

Author, motivational speaker, entrepreneur. Love to laugh and make others laugh. Focused on helping you build success and stay motivated along the way. Start investing now and let’s build wealth together.

  • krantcents

    I routinely shop insurance every couple of years. In California, I have to shop earthquake insurance as well. I shop it because I do not like the coverage provided by the state earthquake authority.

  • Kurt @ Money Counselor

    For all my insurance products, whenever I get the annual bill, that’s my trigger to re-shop. When I’ve found something cheaper, on a least a couple of occasions my current insurance provider ‘sharpened its pencil’ and made me a better offer. So I save money without going to the trouble of actually switching just by shopping and then asking the question: “Here’s a deal I found from your competitor. If you were me, what would you do?” One caveat: Insurance can be complicated, and you have to be sure you’re making an apples to apples comparison.

  • Robert @ The College Investor

    We maintain a high deductible to save on our rates. We figure we won’t use the insurance unless something big happens anyway.

  • Anthony Thompson

    It’s disturbing that so many people don’t understand that they can negotiate for the best possible deals related to their insurance policies. With so much competition in the insurance industry, it makes it a great buyers market for consumers who take the time to shop around for get deals.

  • Julie @ Freedom 48

    It’s also important for us to inform our insurance companies when we do any changes to the house. We recently put on a new roof and replaced our oil furnace with a gas furnace… and our insurance rate dropped!