4 Money Saving homeowners insurance Strategies

To get the best homeowners insurance for the least cost, you can be proactive. Try these money-saving strategies:

• Take a high deductible. Because the objective of home-owners insurance is to protect against large losses, not small ones, take the highest deductible with which you’re comfortable. Take into consideration how large an emergency reserve you have and the stability of your employment income.
• Ask about special discounts. If your property has a security system or you have other policies with the same insurer, you may qualify for a lower rate.
• Improve your credit score. Many insurers use your credit score as a factor in setting some of your insurance rates. They do this because their studies have shown that folks who have higher credit scores tend to have fewer insurance claims.
• Shop around. Each insurance company prices its home-owners and renters policies based on its own criteria. So the lowest-cost company for your friend’s property may not be the lowest-cost company for you. You have to shop around at several companies to find the best rates. Here’s a list of companies that usually have lower-cost policies and do a decent job with customer satisfaction and claims paying:
  • Amica: This company isn’t the cheapest but it boasts high customer service ratings. Call Amica at 800-242-6422 or visit its website at www.amica.com.
  • Erie Insurance: This firm operates mainly in the Midwest and Mid-Atlantic region. Check your local phone directory for agents. Call 800-458-0811 for a referral to a local agent or visit the company’s website at www.erieinsurance.com.
  • GEICO: You can contact this company by calling 888-530-5141 or by visiting its website at www.geico.com.
  • Liberty Mutual: Check your local phone directory for agents, call 800-837-5254, or visit the company’s website at www.libertymutual.com.
  • Nationwide Mutual: Check your local phone directory for agents, call 877-669-6877, or visit the company’s website at www.nationwide.com.
  • State Farm: Check your local phone directory for agents or visit the company’s website at www.statefarm.com.
  • USAA: This company offers insurance to members of the military and their families. Call the company at 800-531-8722 or visit its website at www.usaa.com to see whether you qualify.

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