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Lowering
Homeowners Insurance Costs
1. Raise
your deductible. If you can afford to pay more
toward a loss that occurs, your premiums will be
lower.
2. Buy
your homeowners and auto policies from the same
company. You’ll usually qualify for a
discount. But make sure that the savings really
yields the lowest price.
3. Make
your home less susceptible to damage. Keep
roofs and drains in good repair. Retrofit your
house to protect against natural disasters common
to your area.
4. Keep
your home safer. Install smoke detectors,
burglar alarms, and dead-bolt locks. All of these
will usually qualify for a discount.
5. Be
sure you insure your house for the correct amount.
Remember, you’re covering replacement cost, not
market value.
6. Ask
about other discounts. For example, retirees
who are home more than working people may qualify
for a discount on theft insurance.
7. Stay
with the same insurer. Especially in today’s
tight insurance market, your current vendor is
more likely to give you a good price.
8. See
if you belong to any groups—associations,
alumni groups—that offer lower insurance rates.
9. Review
your policy limits and the value of your home and
possessions annually. Some items depreciate
and may not need as much coverage.
See
if there’s a government-backed insurance plan.
In some high-risk areas, such as the coasts,
federal or state governments may back plans to
lower rates. Ask your agent.
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