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- 1). Many of us purchase a homeowner insurance policy when we buy our home and simply forget about it. We don't compare homeowner insurance prices or get other homeowner insurance quotes. If you haven't gotten competitive homeowner insurance quotes recently, now may be the time to check out what the competing homeowner insurance companies have to offer. For myself, I was more than happy to find out that one insurance company was able to save me over $800 every year on my Florida homeowners insurance policy from Citizens homeowners insurance company!
- 2). First, to find the most affordable homeowners insurance coverage you will first need to look over your current insurance policy to see what your policy rate is and what amount of insurance coverage you have.
- 3). When comparing homeowner insurance company quotes, make sure that you are comparing the same type of coverage for each insurance company that you contact. It is convenient to fax or email them a copy of your current policy and ask them if they can beat it with the same type of coverage.
- 4). Try to get quotes from some big name homeowner insurance companies as well as some independent or private affordable homeowner insurance agents. Sometimes the independent insurance agents have more flexibility in pricing and coverage benefits.
- 5). While you're getting quotes for a new insurance policy, check and compare if the insurance company offers a discount for you to combine your auto insurance, homeowners insurance, and other insurance policies together with their company.
- 6). Raising your deductible amount can also lower your homeowner's insurance cost. Be sure to only raise your deductible rate to a level that you'd be comfortable paying in case you need to.
- 7). Sometimes insurance companies add on extra coverage that you may not need. For example: My policy included a $1,000 coverage for food in my refrigerator. I don't think I have food in my fridge worth $100, so therefore this added expense was not worth it for me. By lower the coverage on the contents of your home and removing extra coverage such as "Added Perils for Refrigerated Food Products," you can reduce your homeowner's insurance costs even more.
- 8). Be sure not to include the price of your land towards the estimated value of your home. This will only increase the amount that you pay for insurance, and it is not necessary. The land is not vulnerable to damage from fire, wind, etc. So it should not be included in the estimated value of the house.
- 9). Tell the homeowners insurance companies about any improvements and updates you've made to your home. Updates would include any improvements to electrical, plumbing, roof, security system, hurricane or storm protection, plus any added safety features. Such updates could entitle you to a further discounted homeowner insurance rate.
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