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How can I get the best home insurance rate?

May 28, 2015

When homeowners apply for housing insurance, they naturally want the best rate. Whether you are a first-time or seasoned homebuyer, there are many factors that come into play regarding your insurance rate.

Have security measures in place to lower your home insurance costs.

However, not all of the factors pertaining to home insurance costs are out of the homeowner's control. Certainly there are items that you cannot change, such as credit history. While you should try to maintain a solid credit standing in the future, previous habits can't be ignored. Similarly, if you have filed insurance claims before, then this will unlikely be overlooked by an insurance provider.

Yet, there are other details that aren't as set in stone. For some insight into ways you can get the best rates on your home insurance, take a look at the following:

"Many factors that go into home insurance costs are within your control.”

Carry additional policies with the same provider

Insurance companies are likely to reward you for dedicated service as well as additional business. After shopping around for the best possible price, explore the possibilities of getting a lower rate if you were to tack on auto insurance to the mix. This means more business for the provider and more coverage for you.

Also, providers appreciate loyalty maybe even more than business, so staying with a provider when you move is not a bad idea. They know your habits and will likely offer some kind of loyalty discount. This is especially true if you can avoid filing claims.

Add safety features

Insurance companies feel more confident if your home is sturdy and sound. Therefore, if your home needs a bit of updating to make it more resistant to storms or natural disasters, then you could save money by tackling these projects. For example, if your roof is old and might not survive a serious storm, then you should have it replaced. While that might sound like an expensive project, lower monthly insurance payments might help to offset the cost, not to mention make the home stronger overall.

Further, safety features can include up-to-date sprinkler systems and even home security measures. A safe home is not only resistant to natural occurrences, but to theft and destruction from intruders as well. Updating your dead-bolt locks is a good start, but you should also consider more modern tools, such as surveillance cameras and monitoring systems. It is not guaranteed that these items will reduce your insurance rate, but it is highly likely. Speak with your provider to see what sort of safety measures will help lower your price and go for it.

A new roof might be a solution to lowering your home insurance costs.A new roof might be a solution to lowering your home insurance costs.

Consider the cost before moving

If you are buying a new home, it is worth considering factors, such as location and year it was built. For instance, if you are looking at two homes and one is brick and in a low-crime rate neighborhood, and the other is made of wood and the crime rate is a bit higher, then you will likely get a better rate for the brick home.

You will undoubtedly select a home you like the best and imagine you and your family living in for years to come, but keeping insurance costs in mind may help you solidify your decision. Additionally, if you plan to be in the home for a long time, then having an insurance price you are comfortable with is definitely worth considering.

There are many factors that can affect the cost of home insurance. Make sure you do your research, compare prices and select a policy that not only meets your needs, but also makes sense financially.