6 Home-Owner tips
1) Maintain a Security System and Smoke Alarms: A burglar alarm that is monitored by a central station, or that is tied directly to a local police station, can help lower homeowner's annual premiums by 5% or more. Smoke alarms can save the homeowner 10% or more in annual premiums and, in case of fire, could save your life!
2) Raise Your Deductible: Like health insurance or car insurance, the higher the deductible a homeowner chooses, the lower annual premiums. However, the problem with selecting a high deductible is smaller claims/problems, which typically will cost only a few hundred dollars to fix, will most likely be absorbed by the homeowner.
3) Look for Multiple Policy Discounts: Many insurance companies give discounts of 10% or more to customers that maintain other insurance contracts. Consider obtaining a quote for other types of insurance from the same company.
4) Plan Ahead for Construction: If a homeowner plans to build an addition to a home or structure, they should consider materials that will be used. Wood-framed structures will cost more to insure while cement or steel-framed structures will cost less because it is more durable in fire and adverse weather.
5) Pay Off Your Mortgage: Obviously this is easier said than done, but homeowners who pay off their mortgage debts will most likely see premiums drop. Why? The simple reason is the insurance companies figures if you own the home, you'll take better care of it.
6) Make Regular Policy Reviews and Comparisons: Investors should, at least once a year, compare costs of other insurance policies to their own. In addition, they should review existing policies and make note of changes occurred that could lower premiums.