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Five Tips to Help Reduce Home Insurance Costs

Do you own your own home? Are you currently looking for a new home insurance policy or thinking of ordering one for the first time? Congratulations on taking an important step towards responsibility. Nobody likes the idea of having to pay a monthly bill for home protection, but in this day and age you really canít afford not to. There are numerous threats to homes these days. You have to defend your property against criminals, thieves, bad weather, fires, car accidents and a whole host of other problems. If youíre thinking that home insurance is a luxury you canít afford, guess again. Itís far more expensive to have to replace stolen goods or rebuild damaged walls than it is to pay monthly premiums! Besides, there are things you can do to help keep premiums affordable. Letís review five tips.

1. Defend yourself against theft with home security systems.

Practically every home insurance company in town will give you a discount on premiums if you invest in your own safety. Buying a home security alarm system can protect against burglars, as this system can directly alert police in the event of a break-in. Some residents report savings of up to 5%, all because they installed a home security device. Besides burglar detection, automatic smoke detection also helps home insurance premiums, saving homeowners up to 10%.

2. Raise your deductible.

Yes, this seems to be the Golden Rule of all insurance companies. If you raise the deductible (meaning the cost that you are willing to cover without the involvement of the insurance company), then you can expect to pay lower premiums. You do have to be prepared to pay out of pocket in this scenario. You may have to fix various plumbing problems or damaged windows on your own, depending on the damages that occur. Nevertheless, if you are handy around the house and protective of your property, this could be manageable.

3. Look into multiple policy discounts.

Some home insurance companies offer 10% discounts (or more) to customers that are ordering more than one insurance product and all under the same roof. For example, a company may offer a whole host of insurance programs; auto, life, homeowners and disability. If a household head chooses to order all of these policies, then the parent insurance company usually offers a considerable discount per individual plan.

4. Do the math before planning ahead for home renovation.

Thereís nothing about a home insurance policy thatís unfriendly towards home renovation. However, the homeowner should consider the quality of materials being used. For instance, some materials used during construction are known to be highly flammable, especially wooden products. Using steel or cement materials will bring a slight discount, because they are much less vulnerable to fire or stormy weather conditions.

5. Pay off the mortgage debt.

Believe it or not, if you pay off your mortgage debt early you will get a considerable discount on your house. Whatís the reasoning behind this? The home insurance company believes that if you own your own home, you stand to lose much more than a person who is merely leasing a home from a financial institution. Homeowners who stand to suffer personal loss do tend to take better care of their homes and provide safety precautions where necessary. This shows personal responsibility. Once again, taking some of that risk from the insurance company and carrying it yourself really endears the company to you. (Well, they donít really come to endear you%u2026they just give you a discount!)

Keep these tips in mind as you continue to shop and compare quotes for home insurance policies.

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