Things You'll Need:
- Homeowners Insurance Policy
- Insurance Agent
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Step 1
After receiving a quote, go over the policy being offered. Many times there are additional items which you can remove to save some money. Sit with your insurance agent and read every line item on the insurance policy quote. They will be able to explain each item for you so you can determine if it is necessary.
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Step 2
By choosing to raise the deductible, you will decrease the cost of the insurance policy. Do not to raise it too much just to save money. Make certain that you are comfortable with the proposed deductible. You should have funds available in savings to cover the deductible costs should something happen.
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Step 3
Do not included the value of the land that your house sits on. Land is not insurable. If you deduct the value of the land from the total value of the home, you will have the amount of coverage you should carry.
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Step 4
Outdoor personal properties are covered under the line item “unattached structures“. Therefore, do not add in the value of a shed to the value of the home.
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Step 5
You should carry a high personal liability such as $300,000 if you have a pool. Do not add in the value of the pool since this is outside and unattached.
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Step 6
Apply for a policy with the same company as your auto insurance. This will give you a multiple policy discount.
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Step 7
Make sure to tell your agent about items such as security systems and hurricane shutters (if you live in a hurricane prone area). You will receive a discount for having these.
On the other hand, think twice before getting a pet. This will increase your premium. -
Step 8
List any major repairs you have made such new electrical wiring, heating system, air conditioning system, roof and plumbing. Make sure to tell your agent. You will also receive a discount for these items.
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Step 9
If you are over 55, ask if you can receive a senior citizen discount. Every little bit helps to reduce the premium.
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Step 10
Make sure to call several insurance agents for quotes. Do not stop and accept the first quote you receive. You will be amazed to see the different quotes you receive from different companies. Just doing this can save you hundreds of dollars.
