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48 Home Insurance Savings Tips -- Guaranteed Steps To Very Cheap Homeowners Insurance Rates Pt 2 - YouTube
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Get 48 practical ways to reduce your home
insurance rates in this video series (Home
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Insurance Savings Tips -- Guaranteed Steps
To Very Cheap Homeowners Insurance Rates)
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Tip #11…
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Choose a higher deductible
A higher deductible will get you more affordable
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premiums so choose accordingly when applying.
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For people who already have a home insurance
policy that gives them adequate value, you
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will lower your premiums by choosing to pay
a higher deductible.
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Your deductible is the amount you'll have
to contribute if you make a claim…
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…Before your insurance company would be
under obligation to fulfil the terms of your
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home insurance policy.
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Someone who previously settled for a deductible
of $500 will save as much as 25% more if they
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opt for a deductible of $1,000
The higher your deductible, the more affordable
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your home insurance rate will be.
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Just make sure it's an amount that you can
produce easily when you file a claim.
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Let it be as high as you can easily cope with.
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Tip #12…
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Take advantage of a multi-policy discount
Using the same insurer for more than one policy
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will get you discounts.
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Insurance companies offer discounts (multi-policy
discounts) to insured persons who buy multiple
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policies from them.
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Although you'll receive discounts for purchasing
multiple policies from the same insurer…
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…You may make more by buying each of your
policy from different insurance companies.
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I will take some time out to clarify this...
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We'll make believe that you have four policies:
Life, health, auto and home.
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You can expect reasonable discounts from any
insurance provider with whom you keep this
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many policies.
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Nevertheless, we will look at it from another
perspective to see another option...
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To explain this we will assume your profile
gets the following rates with different companies...
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Insurer A…
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Life insurance: $2,590
Health insurance: $2,200
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Auto insurance: $3,500
Home: $2,100
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Insurer B…
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Life insurance: $3,100
Health insurance: $2,400
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Auto insurance: $2,500
Home insurance: $2,400
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Insurer C…
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Life insurance: $2,900
Health insurance: $1,900
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Auto insurance: $2,800
Home insurance: $2,700
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Insurer D…
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Life insurance: $2,100
Health insurance: $2,300
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Auto insurance: $2,750
Home insurance: $2,600
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From the list above, the cost of the four
policies with Insurer A is $10,390.
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With a multi-policy discount of 10% your costs
will drop to $9,351.
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This is really big knowing that you'll save
over $1,000.
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Despite the fact that the savings made with
a multi-policy discount is really big….
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Let's see what would have been the case if
you decided to buy from different insurers
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who offered you the best price for each policy...
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Here are the best quotes from various insurers
for different policies…
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$2,100, from Insurer A, is the best quote
for life insurance
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…$2,500, from insurer B, is the best quote
for auto insurance
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$1,900, from insurer C, is the best quote
(or plan) for health insurance
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And $2,100, from insurer C, is the best quote
for home insurance
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In this case, your total cost is reduced to
only $8,600.
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Doing proper shopping and picking the best
rates from different companies, you would
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have paid $751 less than someone of the same
profile who purchased from the first insurer
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with a 10% multi-policy discount.
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So spend some time to discover which is more
beneficial.
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Tip #13…
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Group discounts will save you
Get a group home insurance policy if within
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your reach because you'll get a more affordable
rate with it.
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Some associations have also arranged discounts
for their members with home insurers so find
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out if yours has such.
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I will, however, advise that you still get
and compare quotes from other insurers that
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your association may have no group discounts
with.
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For several reasons, you may be better off
NOT going with a particular group's insurer.
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So it actually does pay to shop if you want
the most affordable rates.
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Tip #14…
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Retire and pay less
You qualify for lower rates if you are retired.
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Since not every carrier offers this discount,
find out from your agent before you pay for
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your policy.
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Insurers who give this discount know that
burglars rarely go to homes where they know
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someone is always around.
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Furthermore, Fires can be quickly noticed
and put off if somebody is always around.
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Tip #15…
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Get the loyalty discount
Have you being with your home insurer for
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up to three years?
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Then ask for a loyalty discount.
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However, I don't expect you to stay with an
insurance company for that long simply because
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you're waiting to qualify for a loyalty discount.
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Believe it or not, you will likely find an
insurance provider that gives a far lower
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premium than what you're currently paying.
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Do shop extensively and you'll be pleasantly
surprised.
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Make a list of companies that you've never
obtained quotes from and get and compare quotes
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from them.
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Tip #16…
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Review your policy periodically
You'll likely lower your premium if you spend
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time to review your home insurance policy
at least once a year or whenever there are
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changes in your home.
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The value of your rare painting might have
changed considerably and so require that you
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review your coverage.
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If it is now worth less, you'll then do the
sensible thing…
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Lower your coverage by the same margin and
obtain more affordable rates as a result.
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However, a review may show it's now worth
a lot more and that you have to buy more coverage.
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Whichever way it goes, your best interest
is being protected in either savings or maintaining
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sufficient coverage.
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Tip #17…
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The government’s policy might be costing
you much
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Keeping a government homeowner's insurance
policy could be making you spend much more
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on home insurance than you would otherwise.
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Natural disasters in some areas made it very
difficult for folks there to get home insurance
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coverage.
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The only way out for such folks then was to
go to a government agency that offered government
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homeowner's insurance.
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But this has changed in some areas as some
private insurance companies have braved it
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and worked out a way of offering insurance
to such places.
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Depending on where you live, though, you might
still have no other option but to stick with
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government homeowner's insurance.
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Nevertheless, this is not always the case
as you may get better coverage at a lower
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price from some private insurance companies.
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Tip #18…
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Get a CLUE!
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A CLUE (comprehensive Loss Underwriting Exchange)
report is a must-read for all home buyers.
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You'll save because you'll know things that
will make you pay more for home insurance
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coverage on the property in question.
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For example, some people don't realize that
they will spend more if the town they live
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in has only a volunteer fire service and NOT
a full time service
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Furthermore, the distance of a house to the
closest fire hydrant is a factor in calculating
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home insurance rates.
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How near it is to a police station is another
factor.
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Get such important details before paying for
a home.
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A home you thought was a great deal might
end up costing you much more in home insurance
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than whatever you saved.
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Get and compare cheap quotes from many top
insurers @ Q4L.org
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Quality-Insurance-4-Less.com
Q4L.org
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(It's the same site just easier to type into
your browser)
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One more thing...
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Save a lot of money...
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Get many more tips that will help you cut
down your overall insurance costs by up to
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50% at Q4L.org
Q4L.org
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