Your home is more than just a place to live. You work hard for your valued possessions, so it only makes sense to properly protect them. But pricey home insurance doesn’t have to be a foregone conclusion. You can find affordable rates with these little tricks.
Verify Your Home's Value
Guessing about your home’s value, or taking the word of your insurance agent or broker, can lead to paying too much for coverage you don’t need, or purchasing a policy that leaves you at risk of being under-insured.
Shop Around
Home insurance companies each have different policies and criteria for underwriting and setting premiums. And those criteria can vary quite a bit, says Billy Van Jura, an independent insurance broker in Poughkeepsie, NY. “The main drivers of the cost are your credit score, followed by where the home is located in relation to a fire hydrant or fire station. Then factors including how the home was constructed and prior claims filed by the homeowner are factored in.”
Brag About Your House
Stauffer says discounts and credits can help lower the cost of home insurance. However, you might have to ask for them.
Make a list of home improvements and upgrades like a new roof, security system and alarms, as well as doors and windows that increase the home’s wind resistance and other storm-proofing measures.
Get in the Correct Class
All homes are located in a specific protection class that rates the distance to fire departments and hydrants, fire protection staff (volunteer or paid) and geographic distribution of firefighting companies, says Dario Campolattaro, CEO, Kelly Insurance Agency in Leesburg, VA. Fire alarm and communication systems like 911 and water supply (including the condition and maintenance of hydrants) also factor into your home’s protection class.
Compare Apples to Apples
Once you know what coverages are most important to you, make sure you compare apples to apples.
“Compare all the different quotes for the same coverage to insure you get the coverage that best matches your risk tolerance,” says Needelman.
You have to look at deductibles, coverage limits and exclusions. You should also compare satisfaction ratings for the home insurance company available via the National Association of Insurance Commissioners, J.D. Power, A.M. Best and Weiss Research, as well as any complaints filed against the company with your state’s Department of Insurance.
Finaly
Price cutting isn’t always best if you have to file a claim. Having to pay a few hundred dollars more for the right coverages with lower deductibles may become the cheaper alternative in the long run, should you have to file a claim, says Needleman. Shop around for the best deal with the most reasonable coverage, premium and deductible, and be sure to let insurance companies know about all of your home's best features.
source:
http://www.investopedia.com/articles/personal-finance/072414/find-best-home-insurance-quotes.asp
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