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HOMEOWNERS INSURANCE -
Getting Discounts (continued)
7. Some insurance companies offer senior discounts on homeowner’s insurance. Sometimes teachers, members of the military, and other occupations may receive a discount. If you are married or widowed you may receive a discount. Check with your insurance company.
8. If you are claims free for an extended period of time you may receive a discount.
9. Combination policy, loyalty and payment discounts.
a. If you insure your home and vehicle with the same insurer you should receive
a multi-
b. Many companies will provide a discount based on being a long-
c. Check with your insurance company if they offer discounts for annual or semi-
10. On the negative side, if you have a certain breed of dog considered potentially dangerous, such as pit bulls, Dobermans, etc. you may have to pay extra for liability insurance. If you have a dog biting incident with any large dog your premiums are almost certain to rise.
Getting the Best Price on Homeowners Insurance
Although homeowners insurance companies are regulated by your state insurance commission, their rate structures vary widely. So, it pays to shop around for the best rates, which could easily save you hundreds of dollars annually. When shopping, keep the following in mind:
1. Meet with two or three of the major homeowners insurance companies such as State Farm or Nationwide. Work with these companies to figure out what types and amounts of coverage are right for you. Once you decide what coverage you want, get a quote from each of the companies based on this coverage.
2. Using the coverage descriptions discussed above, contact other major insurance companies and get a quote. If you qualify because of prior experience in the Armed Services, make sure to contact USAA to see what they have to offer.
3. Using the coverage descriptions, contact two or three independent insurance agents to get quotes. Independent insurance agents generally represent several different less well known, but reputable, insurance companies that may offer better pricing.
4. Using your coverage descriptions, go to the Internet and apply for coverage with some of the better known insurance companies that sell over the Internet to get a rate quote. You may also want to visit sites like Insurance.com where several insurance companies are represented, and rates can be compared.
5. Now that you have decided what types of coverage and amounts you want, and
have found a lower-
a. Because of state regulation, it is rare that an insurer will fail and not be able to pay your claim, but it does happen. So if you have decided to deal with a less well known insurer, and they are represented by an independent insurance agent, have that agent demonstrate to you that the insurer is financially secure. This will generally be done by showing the rating an insurance company has received from an independent insurance rating agency. If the company is not represented by an independent agent, or you are still concerned, call the State Insurance Commission to inquire or do some research on the Internet at insurance company rating sites like Moodys.com and AMBest.com.
b. While the company you are considering may be financially solid, they may or may
not have a reputation for settling claims in a hassle-
6. Now that you have chosen a reasonably priced homeowners insurance company, you may want to have them continue as your insurer for many years to come. They may be a great company and they may continue to be reasonably priced. Or they may not. Companies change rate structures all the time. Therefore, every couple of years it pays to do a little checking to see if significantly better rates are available elsewhere, and if it makes sense to change companies. But beware. Changing companies too often may limit your ability to get homeowner’s insurance if you reside in a high risk area such as coastal areas, etc. And make sure you do not drop your present insurance until your new policy is in effect.
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