Buying a home is a long process, and it is a relief when you sign the paperwork and get your keys. You are ready to move in, but first you need home insurance. Home insurance protects your valuables and covers the cost of damage and theft. There are many home insurance companies out there, but make sure you’re not spending a lot of money. Here are six ways to save when buying home insurance.
Shop Around for the Best Deals
Don’t go for the first home insurance provider you see. There are many sites like Assurant Review to help you compare which insurance is right for you. You fill out basic information, and it sees which policy works with your budget. Make sure the provider fits your needs, rated well, and gives you the right amount of coverage.
Increase Your Deductible
Most home insurance policies start with a small deductible of $250. This means if there is damage in your home, you would pay $250 out-of-pocket before the insurance kicks in and pays the rest. However, the more you’re willing to pay, the lower your insurance goes, because they pay less. Even by increasing your deductible to $500, you save 12 percent on your premium.
Use the Same Provider for Home and Auto
Insurance providers love customers who continue to use them for all their insurance needs, and they reward them with discounts. If you have auto or life insurance with a provider, ask if they reward customers for buying home insurance for them. You save money by sticking with one company for a long time by building a relationship with them.
Add Home Security
Image via Flickr by DiegoMarzipan
Having a home security system shows an insurance provider you care about your home. You save about 5 percent on your insurance by updating your locks and adding smoke detectors, and up to 20 percent by installing a home security system. A security system is a monthly cost, so make sure the discount is worth it.
Ask for Discounts
Are you over 55, or an alumnus of an organization? You qualify for discounts on your home insurance. Some companies offer discounts if their employees use an insurance provider they use. Senior citizens tend to stay at home more often, and are able to watch over their home. Be sure to check for discounts if you are a part of the military or work in a government place.
Location is Important
Before looking for home insurance, take a look around your neighborhood. If you live near the police station, you are able to get a discount on your insurance because you live in a safe area. Also, when looking for a home, avoid areas where flooding is a problem. You need to add coverage for flood damage to your insurance, and that costs up to $2,700 a year.
These six ways help you not only find the best insurance for your home, but to make sure you save money. You have a home, and you are going to spend a long time in it. Don’t spend too much on insurance when you use these tips.