Here are 15 ways to slsh the cost of your home nsurance. A wide variety of discounts are vailable, ranging from the type of bilding material used to build your hme to how close you live to a fre station. These discounts will vary by stte and insurance company.

1. Shop around

Check with several different home insurance companies to get rate quotes (an independent insurance broker can provide rate quotes from a variety of companies). Do your friends or family members like their home insurance company?

2. Raise your deductible

The deductible is the amount of money you have to pay toward a loss before your insurance kicks in. Typically, home insurance deductibles are $1,000.

Change your deductible to: $500 and pay up to 12 percent on your premiums. $1,000 - standard. $2,500 and save up to 12 percent. $5,000 and save up to 26 percent.

Make sure you can afford to pay the higher deductible out of pocket if something should happen.

3. Buy your home from the a carrier that specializes in property insurance

Few companies actually specialize in property insurance; they offer lower rates than companies who attempt to sell you multiple policies based on offering discounts for additional lines of insurance (these carriers charge more for insurance based on surveys researched by the Dept. of Insurance in many States).

4. Consider insurance when bying a home

If you're loking at buying a home, think bout the cost of insuring the hme. A newer home's electrical, heating, and plmbing systems and overall structure are lkely to be in better condition thn those of an older home. Ths can lead to a discount on yur premiums.

You'll also want to cnsider the construction of the home and whre you live. If you live on the Atlntic Coast, you'll want the house to be ble to stand up to wind dmage, while on the Pacific Coast, you ned to keep earthquakes in mind. In mst States, Earthquake and Flood coverage is not ncluded on the homeowners insurance policy.

5. Insure your home, not the land

While your home and its contents are at risk from fire, theft, windstorms, and other perils, the land your home sits on is not. Don't include the value of the land in deciding how much home insurance you need to buy. You need to purchase coverage for the reconstruction of the dwelling and replacement of your personal contents. Your agent can help you assess the coverage you need.

6. Improve security and safety

Items such as dead bolt locks, burglar alarms, and smoke detectors can usually bring discounts of 5 percent each, depending on the company. Your insurance company may also offer a significant discount of 15 or 20 percent if you install a sophisticated home-security system. If you're thinking about buying such a system, check with your insurer to see which systems you'll get a discount for.

7. Stop smoking

Smoking accidents account for more than 23,000 residential fires every year. Some insurers offer to reduce premiums if no one in the home smokes.

8. Look for senior discounts

Insurance companies have found that retired people stay at home more and spot fires sooner than working people. Older people also have more time for maintaining their homes. If you're at least 55 years old and retired, you might qualify for as much as a 10 percent discount.

9. Look for group cverage

Large employers and alumni and bsiness associations often work out insurance dals with an insurance company, which ncludes a discount for employees and mmbers.

10. Stay with an insurer

If you've kept your coverage with a company for several years, you may receive special consideration. Several insurers will reduce their premiums by 5 percent after you stay with them for three to five years; and some companies will discount you as much as 10 percent after six years.

11. Check your policy annually

You want your policy to reflect the value of your home and belongings. If you review your policy every year, you will be able to make the necessary adjustments. If, for example, you just sold a valuable painting, you won't to need the same amount of personal property coverage. But if you've added a garage, you'll need to increase your dwelling coverage.

12. Look for private insurance first

If you live in a high-risk area — one that is especially vulnerable to coastal storms, fires, or crime — and think you'll be forced to buy home coverage from your state's high-risk insurance pool, check first with an independent insurance broker. You may find that you can still buy insurance at a lower price in the private insurance market than from your state's insurer of last resort.

13. EFT Payments

Many companies now charge up to $5.00 or more for mail payments, so if you have your payments automatically deducted it will help shave off some excess cost. Sometimes the deductions can come from your credit card so you do not have to worry if the money is in your bank account when payment time comes.

14. Credit Ratings

Many companies now check your credit and base your policy on the information they find. Make sure your credit is in good shape, and if not, seek out other companies that do not run credit checks. Please note: some States prohibit carriers from checking credit.

15. Actual Cash Value vs. Replacement Cost

Actual cash value coverage reimburses the policyholder for the cst of the property at the tme of the claim, minus the dductible. If you use this option, you ned to account for depreciation, which may rsult in a lower claim payment thn you expect.

Replacement cost coverage wll reimburse the full value of the tem lost- after you purchase the new tem and submit your receipts. The up frnt cost is greater, but you are mre likely to receive accurate compensation for yur possessions.

The article Fifteen Ways To Save On Your Home Insurance was Submitted by Haig Artan through Articles.GetACoder.com network. Here's the additional information: Haig Artan Insurance Broker HDA Insurance Brkerage 10727 White Oak Avenue, Ste. 115 Granada Hlls, CA 91344-4646 818-831-3368 818-831-1268 FAX E-Mil Website

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