When shopping around for homeowners insurance, condominium owners insurance and renters insurance, keep in mind that there may be ways to lower the cost of homeowners insurance premium. Just as how with automobile liability insurance you can get a better rate if you have a good driving record, there are certain ways to get better rates for homeowners, condominium owners and renters insurance. Make sure to ask the insurance company or its agent if there are any ways to reduce the quoted premium without losing any significant coverage.
One of the ways to lower the cost of homeowners insurance is somewhat beyond your control – a good claims history. Of course, the best claims history is to have had no claims. However, some of us are just not that lucky. In the event of a loss for which you make a claim, your current insurer of course is now aware of that claim. When it comes time to renew, you will likely pay a higher premium the next time around, because you will lose any discount you had for having a perfect claims history. You could shop around; however, you will likely have to disclose the loss for a certain period of time. It is still worth checking out whether you can get a better deal with a different insurer.
There are other ways to lower your premium. You will receive a discount for various things that serve to protect the property. For example, insurers usually offer a discount on your home owners insurance policy if you have smoke detectors, a fire alarm and/or a burglar alarm. These are common household items (particularly the smoke detectors) that you should have anyway. Make sure to advise the insurance company if you have smoke detectors, a fire alarm and/or a burglar alarm and ask if you can receive a reduction in premium.
When shopping for homeowners insurance, condominium owners and renters insurance, prior to making a decision as to which insurance carrier to go with, it doesn’t hurt to ask if there are ways that you can reduce the quoted premium without losing significant coverage. If you would like quote for home owners insurance to to the homeowners insurance page.