Reduce Your Insurance Cost

The cost of insuring homes on the rise makes now a good time to look for ways to save money on your home owners insurance policy. 

The Insurance Information Institute is a non-profit organization supported by property and causality insurance business.  They attribute increases in the high cost to catastrophes, home repairs and mold claims.

What can you do to help keep your rates down?  

* Get three or more quotes.  Check to see if your state department of insurance has a price comparison.  Look at customer service and prices to weigh your decision.

* You can save as much as 25% on premiums by raising your deductable.

* Buy home and auto policies from the same company.

* Add storm shutters and shatter-proof glass and reinforce the roof.  If your home is older, modernize your heating, plumbing and electrical systems.

* Understand the cost of rebuilding your home because it will be different than what you paid for it.  Don’t include the cost of the land when deciding the amount of coverage you’ll need.

* Don’t forget to ask about discounts.  Some companies offer discounts for people who are 55 or older.

* Long term customers sometimes get discounts if you’ve had your policy six years or longer.

* Examine your policy and the value of your possessions.  It may cost more to replace some items and some items may not be covered by a standard policy.

Flood and earthquake damage are not covered by a standard policy.  If you want flood insurance, you will need to specify this when taking out the policy.   Earthquake policies are usually offered under a separate policy.