Buying a house is stressful and time consuming. Once you have finally found a home that fits your needs, the last battle of the war is to find home insurance. At first glance, it may appear an easy endeavor. There are hundred of insurance agencies out and about that are more than willing to offer you a quote. However, upon further inspection, different home insurance companies can be quite persnickety about who they will and will not insure. Some may deny your home if there is a flat spot anywhere on the roof, while others may be overly concerned with plumbing. The only solution to this problem is to shop around until you find someone that likes your house. Once you are approved, you may be taken aback by the cost. Do not panic. Here are 3 ways to save hundreds on your bill.
Bundle. Sometimes people can be tempted to shop around for months and months until they find the right insurance for their homes. However, this may not be necessary. Most people already have some type of insurance be it auto, health or life through work, and that may be the best place to start looking for home insurance as well. Let's face it: Insurance companies do not like to share. Once they have your business some will offer you great deals in order to insure you in all possible ways. Talk to your insurance agent about if bundling is an option.
Raise Your Deductible. Another way to decrease your monthly homeowners insurance premium is to raise your deductible. A 'premium' is the amount that you will pay upfront monthly in order to be insured. A 'deductible' is the amount you have to pay once you have submitted a claim, or told the insurance company that there is a problem. Once your deductible is met, you will be covered up to a pre-agreed upon amount or percentage. If you raise your deductible, you are saying that should an problem occur, you are willing to pay more out of pocket in order to be covered. A simple way around this is to keep an emergency savings. That way you can save monthly and be ready should something happen.
Build Good Rapport With the Company. Should all else fail, you may just need to bite the bullet and get a more expensive home insurance policy. However, just because it is expensive up front, that does not mean that it needs to stay that way. Pay your bill on time. Stay a loyal customer. Build your credit with the company. Over time you may be able to get a better rate because of your good behavior.