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How to Save Money on Homeowners Insurance - PowerPoint PPT Presentation


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BeamaLife compares top 100 US life insurance company to find best, cheap and most affordable term, whole and universal life insurance quotes and rates. http://www.beamalife.com

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slide1

How to Save Money on Homeowners Insurance

www.BeamaLife.com | 1-866-972-3262

slide2

How to Save Money on Homeowners Insurance

  • How to Save Money on Homeowners Insurance
  • If you're like a lot of homeowners, you probably spent a fair amount of time comparing lenders to get the best interest rate on your mortgage. But have you devoted as much time to your homeowners insurance?

www.BeamaLife.com | 1-866-972-3262

slide3

How to Save Money on Homeowners Insurance

  • The cost of homeowners insurance can vary by hundreds of dollars, depending on the type of policy you buy and where you buy it. And because every penny counts, here are some tips to help you save money on your homeowners insurance.

www.BeamaLife.com | 1-866-972-3262

slide4

How to Save Money on Homeowners Insurance

  • Shop around
  • Obtain a number of quotes from several insurance companies (you can look in the phone book, check the Internet, or ask friends and family). But don't consider price alone. The insurer you select should also offer excellent service and have a good reputation for settling claims. Ask the insurer about how it handles the claims process.

www.BeamaLife.com | 1-866-972-3262

slide5

How to Save Money on Homeowners Insurance

  • Once you have narrowed the field, check the insurance companies' financial ratings (issued by agencies like Standard & Poor's and A. M. Best), which can be obtained at your local library or on-line.

www.BeamaLife.com | 1-866-972-3262

slide6

How to Save Money on Homeowners Insurance

  • Raise your deductible
  • A deductible is the amount of money you must pay up front for a loss before your insurance company will pay for anything. The typical deductible for a homeowners policy starts at $250.

www.BeamaLife.com | 1-866-972-3262

slide7

How to Save Money on Homeowners Insurance

  • Buy your home insurance and auto insurance from the same insurer
  • Some companies will give you a discount of 5 to 15 percent off your total premium if you purchase two or more policies from them.

www.BeamaLife.com | 1-866-972-3262

slide8

How to Save Money on Homeowners Insurance

  • Avoid flood areas
  • According to the National Flood Insurance Program's statistics, the average cost of flood insurance is between $593 and $2,700 per year, depending on the type of occupancy (e.g., single family, nonresidential), the amount of coverage, and the location of the property.

www.BeamaLife.com | 1-866-972-3262

slide9

How to Save Money on Homeowners Insurance

  • Insure for the right amount
  • Don't include the value of your land in deciding how much homeowners insurance to buy. The reason is that the land under your house is not prone to theft, fire, or other perils that are covered by your homeowners policy, and damage to it is not covered.

www.BeamaLife.com | 1-866-972-3262

slide10

How to Save Money on Homeowners Insurance

  • Keep in mind that location is very often a key factor in your home's market value, which may be significantly higher than its replacement (rebuilding) cost. You are insuring for the latter.

www.BeamaLife.com | 1-866-972-3262

slide11

How to Save Money on Homeowners Insurance

  • Improve your home security
  • Most insurance companies offer a discount of around 5 percent if you have a smoke detector, burglar alarm, or dead-bolt locks. In addition, some companies may reduce your premium by as much as 15 to 20 percent if you install a sprinkler system and burglar alarm that rings in the police station.

www.BeamaLife.com | 1-866-972-3262

slide12

How to Save Money on Homeowners Insurance

  • However, these systems are costly. Before installing them, check with your insurer to find out exactly what's required to qualify for a discount.
  • Don't smoke
  • If your family is smoke free, your insurer might reduce your premiums because of the reduced risk of house fires.

www.BeamaLife.com | 1-866-972-3262

slide13

How to Save Money on Homeowners Insurance

  • Ask for a senior-citizen discount
  • If you're at least 55 years old and retired, you may qualify for a discount of up to 10 percent at some insurance companies, the idea being that you're at home more often and thus have more time for maintaining your home.

www.BeamaLife.com | 1-866-972-3262

slide14

How to Save Money on Homeowners Insurance

  • Ask about group coverage
  • Group coverage through a business or alumni association may translate into a discount for homeowners insurance.

www.BeamaLife.com | 1-866-972-3262

slide15

How to Save Money on Homeowners Insurance

  • Stay with an insurer
  • Loyalty may pay off. Some insurance companies will reduce your premiums by 5 percent if you keep your coverage with them for three to five years, or 10 percent if you keep your coverage for six years or more.

www.BeamaLife.com | 1-866-972-3262

slide16

How to Save Money on Homeowners Insurance

  • Look for private insurance first
  • The cost of private insurance is often equal to or less than that of government-sponsored insurance like Fair Access to Insurance Requirements (FAIR) Plans, especially if you live in a high-risk area (e.g., plagued by coastal storms, fires, or crime).

www.BeamaLife.com | 1-866-972-3262

slide17

How to Save Money on Homeowners Insurance

www.BeamaLife.com | 1-866-972-3262