The idea of saving money on anything is surely music to your ears, but saving money on your insurance should really get your attention. Whether you have to send in the premium checks, or your lender takes it out of your escrow, it hurts a little when the money goes away. There are ways to make less money go away, but you have to be smart when you do your shopping.
Pay Attention to Your Policy
An initial Kentucky homeowners insurance policy will be drawn up by your prospective homeowners insurance company. Your agent will go over the entire policy with you to make sure you understand every thing about the policy (if he/she doesn’t you should get another agent). It is important for you to follow along carefully and pay attention to what is covered and for how much. In most instances, there is probably more coverage in that policy than you really need.
You should look for two major things to that you can reduce in your policy and thus save yourself some money. First, make sure the policy covers only your home and not the land that your home sits on. Many times, if you paid $200,000 for your home, the policy will initially be written with $200,000 worth of coverage. Included in that $200,000 purchase price is the land. You don’t need to insure the land. Cut back the total coverage on the home to the actual cost of the home.
Also, check to see how much coverage is in the policy for other structures on the property. Many policies automatically have a standard amount for other structures. If you don’t have any structures on the property or the structures you do have are not very valuable (ex: a $250 tool shed), then there is no need for this coverage. If you intend to put up a significant structure later, you can always add the coverage later. Remember; don’t pay for what you don’t need.
Get a Claims History of the Home
You may not realize this, but the history of problems of a particular home will have an effect on the rates you have to pay. This means the claims by previous owners can increase the amount you have to pay for Kentucky homeowners insurance when you buy the home.
Of course there is little you can do once you have bought the home about the past claims history, but what you can do is find out about the claims history and how this will affect your homeowners insurance rates before you purchase the home. You will be looking into the homeowners insurance during the purchase process anyway, so make sure to inquire about the claims history of the home.
Stay Loyal to Your Company
Kentucky homeowners insurance companies like to have your business. Most homeowners insurance companies also offer insurance on vehicles, health, life, recreational vehicles as well as other lines of insurance. If you can find one insurance company that can satisfy all of your insurance needs, then you will make them happy and they will make you happy with discounts on ALL of your insurance policies.
This is a great way to simplify things for you as well as to save as much as 10 percent (possibly more) on your home, car, health and other insurance policies. You may also save by staying with the same homeowners insurance company for 3 years or more.
Use Free Quotes to Get the Best Deal
You can’t talk about saving money on homeowners insurance without mentioning rate quotes. Rate quotes offer you a way to compare prices of homeowners insurance from many different insurance companies at once. This is a great way to save money, because there could be a great deal of variance from the price of one company to the price of another.
You should get rate quotes from at least 5 different Kentucky homeowners insurance providers. It doesn’t take long, especially if you go online. You can fill out an application in only a few minutes and you will instantly have the quotes at your fingertips.