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Michael Machlet

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Once you have purchased your dream home, you will want to protect it – this is why you need homeowners insurance.  Homeowners insurance will protect your home from theft, fire or other hazards.  You have made the largest investment in your life and you should make sure that you protect it.  However, homeowners insurance premiums can be costly depending on the coverage you choose, the area you live and the value of your home.  If you are proactive, you can reduce the cost of your homeowners insurance while still protecting your home.

For example, simply shopping around and comparing homeowners insurance rates can save you money on your premiums.  Ask friends, get quotes from different companies and use the internet to compare insurance company rates.  You can check with the National Association of Insurance Commissioners for tips on finding the best insurance rates and coverage.

Choosing a higher deductible can lower your insurance premium.  A deductible is what you pay out-of-pocket before the insurance company will pay any funds for repairs or replacement.  If you can afford to raise your deductible, this will decrease the amount of your yearly insurance premium.  However, you do need to ask above separate deductibles for certain claims.  For example, some insurance companies will have an additional deductible for hail damage if you live in an area that is prone to strong storms with hail.

Purchase your homeowners insurance, automobile insurance and life insurance with the same company.  Many insurance companies will offer discounts to customers who purchase multiple polices from the same company.  Another way to reduce your insurance premium is to install a home security system.  You can usually get at least a five percent discount for having an approved security system in your home.  If you install a sprinkler system, you can often increase your savings to 15 or 20 percent.

Being a loyal customer and maintaining a good credit rating will also lower your insurance rates.  Insurance companies reward loyalty by giving discounts to customers who stay with the company for years.  Insurance companies are also checking credit reports and credit scores as part of their review process when determining rates.  Having a good credit score will help you maintain lower insurance rates.

When you are searching for houses in Schaumburg or Roselle homes for sale, let the professionals at Re/Max Destiny help walk you through the real estate buying process, including purchasing homeowners insurance.


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