Homeowners Insurance Buying Tips:
Increase Your Deductible
Just like auto insurance, homeowners policies have deductibles, and the same rule of thumb applies--carry the highest deductible you can afford. The higher your deductible, the more premium credit you can expect to receive from your insurance company. Your savings could reach 25% by increasing the deductible from $100 to $1000.
Improve Your Home Security
Most insurance companies offer discounts for smoke detectors, burglar alarms, dead bolts, fire extinguishers, and Neighborhood Watch Areas. Homes with a fire and burglar alarm system hooked up to a third-party monitoring company receive higher discounts than homes with local bell alarms.
Consolidate Policies
Insuring two or more vehicles with the same insurance company can save you 10 - 15% on your premiums. If you cover your home and vehicles together, you can reduce your premiums by another 10 - 15%.
Construction Type
Before buying a home, consider its construction type, such as frame or concrete block and steel (CBS). A wood frame house typically costs more to insure than one built mostly of concrete.
Verify Distance To Fire Stations And Windstorm Areas
If you live in the country, you'll probably pay higher rates for your homeowners insurance than if you lived in town. Why? It’s because of the longer distance to your local fire station. If you live more than 5 miles from the nearest fire station, and more than 1,000 feet from a fire hydrant, you will most likely pay a
higher premium.
Before purchasing your home, you may want to get a quote for both homeowners and flood insurance. Insurance companies may not offer you windstorm or flood coverage, depending upon the area in which you live. If your home is in a hurricane prone area and your insurance company offers windstorm coverage, then installing approved hurricane shutters should result
in a premium discount.
Claims Free Record And Renewal Discounts
If you have not had a claim under your homeowners policy during the past 3 - 5 consecutive years, you could receive up to a 15% discount, depending on the insurance company. Plus, most companies will discount your premium if your policy has been in force for 3 straight years Mortgage Free DiscountsSome insurance companies target homeowners who have paid off their mortgage and offer them premium discounts of up to 5%.
"Bretlin Home Mortgage of Florida" - Florida & Georgia Home Loans from $100,000 to $15,000,000 - Conventional, Non-Conforming, FHA and VA Mortgage Loans.
New And Renovated Home Discounts
A majority of insurance companies offer a discount for new homes, and you may qualify if your home was built in the last 10 - 15 years. Also, a recently renovated home costs less to insure, so find out when the last major electrical, heating and plumbing update was completed on the home.
Non-Smokers And Early Retiree Discounts
Some companies offer a non-smokers discount of up to 15% to qualified homeowners. To qualify, you must be a non-smoker and you cannot permit smoking in your home by anyone. Retirees or senior citizens are usually offered discounts because insurance companies believe they are home
more often and are therefore better able to protect their home against fire
and burglary.
Live-In House Keeper
Some insurers offer up to a 2% premium credit if you have a live-in employee as they feel it could reduce the likelihood of burglary.
Conclusion
After reviewing the foregoing savings tips, you may think that if you added up all your credits you could receive a 70 – 90% reduction in your premiums. Unfortunately, it doesn’t work that way. Certain safety or other measures you take may qualify you for being placed with the "preferred" company of a particular insurance group. This "preferred" company will be able to give you more premium credits than a standard company is able to.
BretlinFloridaMortgage.com - http://www.bretlinfloridamortgage.com
Phone: 1-800-572-5964 - Email: info@bretlinfloridamortgage.com - Home Financing
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