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5 Ways to Minimize the Cost of Home Insurance

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home insurance quotesHome insurance is no more a luxury; it has become a necessity. Mortgage companies are not ready to lend a loan to people against their homes unless the borrowers produce a proof that the home is covered by proper insurance. This insurance should cover the full value or at least fair value of the home. Normally it is the purchase value. Home insurance can be very costly. Especially if you live in a high-risk area such as near earthquake fault lines or major water bodies or other such risky zones, you will have to pay a very high amount for coverage. Fortunately, though you can’t skip buying home insurance, you have solutions like home insurance quotes and proper care of your home that can minimize home insurance costs.

1. Plan to Save on Insurance before Construction

Actually while thinking of buying or building a home, you should think of saving upon insurance. In any case, you have to buy insurance. So, why not plan ahead? Of course, you should do this even if you plan to expand your home in the form of another structure. Firstly you should consider the building material. Wood construction will increase your insurance cost, while materials like steel or cement will cost you less on insurance, being less prone to fire and bad weather conditions.

Also additions like a swimming pools or trampolines, being potentially dangerous, can raise your annual premium by up to 10% or more.

2. Get Burglar and Smoke Alarms

A burglar alarm helps lower the annual premium of a home insurance policy by up to 5% or even more. But the discount will be available upon producing the proof in the form of a bill or contract with the alarm company.

Smoke alarms too help bringing down the cost of home insurance by up to 10% or even more.

And of course, they are not just meant for lowering the cost of insurance, but for your safety which is the most important.

3. Choose Higher Deductibles

Just like auto or health insurance, home insurance too offer lower annual premiums if your deductibles are higher. But you should be aware of a problem with this; smaller claims like a leaky pipe or broken window will have to be absorbed by yourself.

4. Choose Many Different Policies from the Same Company and Get Discount

If your insurance company offers different types of insurance, you should get them, as the company may offer you a discount of 10% or more. Get quotes for other kinds of insurance your company offers and you can save on up to two annual premiums.

5. Get Rid of Mortgage

This is of course not easy, but you should remember that if you pay off the debt, your premiums drop considerably. An obvious reason for this is that the insurance company thinks that as you “own” the home, you will maintain it more carefully.

Florida Homeowners Quotes helps you getting Florida home insurance quotes and other insurance quotes by trusted insurance companies at the comfort of your own home. Thus they help you get the best price for the coverage.

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