Home Owners' Insurance -- Straightforward Steps; Big Discounts

Even though you can pay less by downgrading your coverage, it is not advisable if it puts you at risk. You can, nevertheless, still pay far less without reducing the scope of your coverage if you have and implement the right tips. These are tips that won't leave you with inadequate coverage...

1. Raise your deductible.

A deductible is an amount an insured must pay before his/her insurance company becomes duty-bound to fulfill the terms of their policy. $250 appears to be the lowest deductible selectable for home owners insurance. By raising your deductible from $250 to $500 you'll probably get a discount of around 12 percent. You can save close to 24% if you opt to increase yours to $1000. Different insurers might offer more or less so find our from your agent before you finalize your choice.

2. Using the same insurer for multiple policies will attract a discount. This qualifies you for a multi-policy discount. Although You will get a discount for purchasing several policies from one particular carrier, you may make more by purchasing each policy from different home insurance carriers.

I'll expansiate on this...

Let's make believe that you have four policies: Life, health, auto and home. You will attract a multi-policy discount if you make purchase of all four policies, or at least 2 of them, from the same company. Remarkable as the discount may be, you might still not realize as much as some smart folks who choose to ignore this discount on account of their superior knowledge...

To explain this we will assume your profile gets the following premiums with different carriers...


Insurer A

Life insurance: $2,590

Health insurance: $2,200

Auto insurance: $3,500

Home: $2,100


Insurer B

Life insurance: $3,100

Health insurance: $2,400

Auto insurance: $2,500

Home insurance: $2,400


Insure C

Life insurance: $2,900

Health insurance: $1,900

Auto insurance: $2,800

Home insurance: $2,700


Insurer D

Life insurance: $2,100

Health insurance: $2,300

Auto insurance: $2,750

Home insurance: $2,600


From the list above the cost of the 4 policies with Insurer A is $10,390. Though, your total insurance costs will drop to $9351 if you're given a multi-policy discount of 10 percent. This is quite remarkable considering that you'll save over $1,000.

Nevertheless, the wisdom or otherwise of this decision becomes evident when you compare it with what would have been saved if you bought from the insurer who had the best price for each policy...

Here are the cheapest quotes from different insurance companies for the different policies: $2,1000 from Insurer A;$2,500 from insurer B;$1,900 from insurer C and $2,100 from insurer C. This gives a total of $8,600 in spite of the fact that you were not given any multi-policy discount.

In this case you'll save $751 more than if you opted for a multi-policy discount with Insurer A.

Although this is true in many cases, it is not always so. This implies that you can only know for sure by doing extensive shopping and comparison. And a good way to find out is to get and compare quotes from not less five insurance quotes sites. You'll almost always save a lot more if you get and compare quotes from not less than five insurance quotes sites because you will be less likely to miss many great offers.

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