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3 Simple Steps to Save on Homeowners Insurance

3 Simple Steps to Save on Homeowners Insurance

3 Simple Steps to Save on Homeowners Insurance
News from Kiplinger Personal Finance:

Follow these tips to save big.

Step 1

Get all the discounts you deserve. Bundling auto and home coverage with one insurer can reduce your rates by 10% to 15% (or more if you add an umbrella policy). Home improvements you’ve made since you bought your policy—say, a new roof or electrical system—can earn you a discount. You could also lower your premiums by installing an alarm system, storm shutters or a permanent backup generator. And a major life change, such as getting married or retiring, could trigger a reduction in your rate.

See Also: Check Up on Your Home Insurance

Step 2

Boost your deductible. Raising it from $ 250 or $ 500 to $ 1,000 can cut your premiums by up to 20%, and you won’t be tempted to file small claims that could result in a rate hike. Filing several small claims could raise your rate even if you switch insurers because companies share information through a database called the Comprehensive Loss Underwriting Exchange (CLUE).

Step 3

Get quotes from several insurers. Prices can vary significantly by company. And if you have a record o…………… continues on Kiplinger Personal Finance

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