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How to Save Money

Introduction - we all want to save money on our Home Owner Insurance quote but is there anything we can actually do to assist to bring the price down at all. The following information may be useful to you in securing a discount.

  • Your Policy Deductible - a policy deductible refers to the first portion of any loss than you have to pay yourself. Sometimes these deductibles are compulsory and sometimes they are voluntary.  By increasing your homeowner policy deductible you  can reduce your premium. The discount you will be offered will vary from insurer to insurer but you can save anything from between 10-35%. Deductibles usually start at $250.00 but you can go as high as $5000 if you so wish. Before selecting an increase deductible, please make sure that you are in a position whereby you can afford to pay this amount in the event of any claim.

  • Review Your Homeowner Insurance Policy on a Regular Basis - check the level of you policy cover especially any endorsements or floaters, are you paying for cover that you no longer need. Check your sums insured if your cover is on a depreciation basis remember to make alterations.

  • Where You'll Live and your  Type of Home - this may seem a a little strange to consider when you are buying you're home  by location does have a big influence on Homeowner Insurance prices. In some cases premiums can vary by as much as 30% or more.  A newer home will be consider to be a more sound proportion than an older property and will usually attract a lower rating. %Living in the right home, in the right place can alone cut your rates by 30% or more. Newer houses are considered more structurally sound than older ones. Also pay attention to the design and build of your home, has been constructed with attention paid to any local weather conditions such as earthquake or floods.

  • Don't Include your Land Value in Insurance Cost - this can cause a lot of confusion as the value of a property is not often the same as the rebuild cost. Remember, the land that you property stands on will not normally be at risk from perils, insure for the cost of rebuilding your home, do not include the value of the land it stands on.

  • Home owner premium Discounts - these can often be available if not always advertised so it is good practice to ask if any discounts are available. Remember, insurers will normally want to keep a good customer  and may offer a discount to keep your business.

  • Brand New Homes - These type of properties can benefit from a cheaper homeowner insurance quote. new homes are normally safer and of better build quality, insurers take this in to consideration when calculating premiums.

  • Homeowner Security Systems - Fitting quality locks to your home and/or installing an alarm can help prevent Thefts. 

  • if you have improved the protections at your home since the last renewal, it is worth pointing this out, you may qualify for a discount.

  • Homeowner/Auto Policies - Some Insurers are prepared to offer discounts if you offer both your Homeowner and Auto Policies to them.

  • Insurer Loyalty - If you keep your policy with the same insurer for a number of years , you may qualify for a discount.

  • Retired Homeowner - If you are retired you can normally obtain a discount from your homeowner insurance policy, insurers recognize the fact that you will be spending more time at home and thus the chance of a loss is reduced.

  • Non Smoking - There are countless fires each year that can be attributed to smoking, if you do not smoke, you may be entitled to a discount.


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