Five Ways to Lower Your Home Insurance Premium

For many homeowners, their home insurance is included in their monthly mortgage payment. If this is the case for you, you should still try to find ways to lower your premium. Don't make the mistake of passively accepting a high premium. You can potentially save hundreds of dollars every year on homeowners insurance by taking just a few easy steps. Here are five of the top ways to lower your premium.

1. High Deductible

Just as with health and auto insurance, the premium for your home insurance can be reduced drastically by selecting a high deductible. This is the amount you are willing to pay out of pocket before the insurance coverage takes affect. If you choose a $1,500 deductible instead of a $500 deductible, then you're actually taking more of the risk upon yourself. Your insurance provider will lower your rate because you are willing to accept more of the financial responsibility.

2. Multiple Policy Discounts

Ask your provider about multiple policy discounts. If you own a couple of vehicles and a home, you might be able to save money by having your home and car insurance policies at the same company. Some providers offer up to a 10 percent discount for multiple policies within the same household, even if the policies are owned by different individuals in your family.

3. Secure Your Home

Since risk factors play a vital role in determining your homeowner insurance rates, make sure your home is as secure as it can be. Install a security system and reinforce doors and windows to reduce the risk of theft. Ask your provider if there are others ways to reduce risk and your rates (such as adding lighting to your yard or installing a secure fence around your property).

4. New Home Construction - Think About It!

If building a new home, the materials that are used can make a difference on your insurance policy. For example, a home built of a wooden frame will be more flammable than a brick frame, thus, causing your fire protection policy to possibly be higher. Brick or steel-framed homes can withstand higher winds and other weather elements better than wood-framed homes and especially manufactured homes. Also, adding certain structures to your home or yard may increase or decrease your premium, such as a swimming pool, workshop or garage.

5. Mortgage Pay-Off

Another way to reduce your home insurance premium is to pay off your mortgage as soon as possible. Once the mortgage has been paid off, you might not need as much coverage on your policy because you won't have to figure in interest payments over time and the balance on your mortgage. You can insure your home based on its appraised value. Insurance companies may also consider you as less of a risk once you take full ownership of your home.

Check online to compare pricing in your area and find affordable home insurance. Narrow your search by typing in your location, such as "DC metropolitan area insurance" or "northern Virginia insurance." You can get free online quotes for various types of insurance, including tenant or renters insurance, condominium insurance, business insurance, life insurance, boat insurance and motorcycle insurance. Don't pay too much for your home insurance when savings are just a click away!

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About the Author

+Chris Robertson is a published author of Majon International. All Rights Reserved. Copyright 2011 (Fri May 06 2011) Majon International. Majon International is one of the worlds MOST popular internet marketing and internet advertising companies on the web. Visit their main business resource internet marketing web site at: http://www.majon.com