Buying a house is an exciting adventure, as well as an expensive endeavour. So let's look at tips that will help you save on the home insurance you'll need in order to protect your new purchase.
Ask About Home Insurance Discounts
Just like auto insurance, you may be eligible for discounts that will help you get lower home insurance premiums. Common home insurance discounts include:
- Multi-line discount: Most companies offer this discount as an incentive to get your auto insurance business too.
- New home discount: Some insurance companies will offer a discount if your home is less than 10-years-old.
- Alarm discount: You could be eligible for this discount if your home has a monitored security or fire alarm system.
- Claims-free discount: Many insurers offer a discount, if you've never submitted a claim (or haven't in years).
- Mortgage-free discount: If your mortgage is paid off, some insurers will offer a discount recognizing this achievement.
- Age discount: Most insurers offer mature clients a discount as certain age milestones are reached. If available, the qualifying age differs from insurer to insurer.
Increase Your Home Insurance Deductibles
The higher your deductibles, the lower your insurance premium, so raise them as much as you can. Keep it affordable though, because this is how much you'll have to cover should you need to submit a claim.