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Tips for Saving on Homeowners Insurance

While Home Ownership is a great investment for the future, there are some costs that new buyers forget about. Homeowner’s insurance is great for your peace of mind, but can cost more than you had planned. There are many different ways you can get monthly deductions from your existing insurance company.

Shop Around

It's easy enough to get a comprehensive insurance quote these days, and it's a good idea to shop around. However, make certain that any new policy meets your needs. One of the easiest ways for competing insurance companies to lower monthly premiums is to skimp on services, or even do away with them. Your money, home, and possessions are at stake, so find an insurance policy that fits your needs.

Add a Home Security System

When you have a monitored home security system professionally installed it can result in as much as a 20 percent discount. In addition to having a monitored home security system professionally installed, take it a step farther and install deadbolt locks on your doors, sash locks on your windows, add various detectors like smoke, fire, heat, flood, and carbon monoxide, and install outdoor security lighting set with motion detectors, and you could save even more on your monthly premiums.

Protect Your Credit

Your proven ability to meet your financial obligations plays a big part in how your monthly insurance premium is established. High-risk customers get charged higher premiums to mitigate the insurer's risk. Maintaining a good credit score is an easy way for you to ensure you're getting the lowest rate.

Bundle Insurance Services

Many insurance companies offer a wide range of insurance products. When you insure more than one item from the same insurer, you can get great savings. Ask your insurance provider about bundling to see which other types of insurance they offer and how much you can save.

Become a Loyal Customer

Some homeowner's insurance companies offer a discount for staying with them for extended periods.  Because of this discount it can often be cheaper to find discounts with your current provider than to switch.

Raise Your Deductible

Many homeowners’ insurance policies have a standard $500 deductible. This is the amount you will have to pay out-of-pocket for any loss before your insurance company will cover additional losses. If you can comfortably raise your insurance deductible to $1,000, you could save as much as 25 percent on your premiums.

There are plenty of ways you can save money on your monthly homeowner's insurance premium. Contact your insurance professional to discuss all the options available, and schedule a review if necessary to really take an in-depth look at your insurance premium.

To learn more great real estate tips and education, please visit Louisville Homes for Sale.

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