When buying a home you spend most of your time thinking about the right home in the right location and at the right price. This can lead you to sometimes overlook Maine homeowners insurance until the last minute, and then you may find yourself trapped. It is important, when purchasing a new home or even after you have made the purchase, to consider ways to save money on your Maine homeowners insurance.
You may not realize that you can save hundreds, even thousands of dollars per year by being a smart shopper when looking for Maine homeowners insurance. Here are a few great ways to save a considerable amount of money on your homeowners insurance premiums.
Choosing the Right Home
Just like your vehicle affects your car insurance, your home affects your homeowners insurance. If you are in the process of purchasing a home, you will need to check on how much it will cost to insure the home before you agree to buy the home. In virtually all instances, your lender will require you to have Maine homeowners insurance in place before they will approve the loan.
There are several things you should be on the look out for to help keep homeowners insurance rates low. First of all, the claims history of the home will affect your rates, no matter that the claims were filed by the previous owner. You can get a claims history on any home you are intending to purchase.
Here are a couple of other factors that will be considered when Maine homeowners insurance companies compute your rates.
- Age of home
- Location (hazards inherent to area such as fire, flood, wind)
- Materials used to build home
- Neighborhood (high crime vs. low crime)
- Type of home (stick built vs. mobile)
- Other structures on the property
- Value of home
There will be other factors, but these will have the most profound impact on your rates and thus should be what you focus your attention on when trying to lower your Maine homeowners insurance premiums.
Look for the Discounts
Most Maine homeowners insurance companies offer a variety of discounts to help you keep down the cost of insurance. Here are some of the most common discounts you may qualify for.
- Electronic payments: You may be able to get a small discount by paying online or by having your payments deducted from your bank account on a set day each month.
- Loyal customer discounts: If you stay with a homeowners insurance company for 3 or more years, you may begin to receive discounts of anywhere from 5 to 10 percent.
- Multiple policy discounts: If your Maine homeowners insurance company also offers auto insurance, life insurance or any other line of insurance, getting all your policies through the same Maine insurance company can save you money on all of the insurance policies.
- Senior discounts: Senior citizens receive discounts from many Maine homeowners insurance companies. This is because they are home more (retired) and are quicker to notice problems before they get too costly or lead to serious accidents such as a fire.
You may not have known that you can get a group Maine homeowners insurance policy. It is possible to get group coverage to help save some money on your home insurance premiums. If you are a member of an alumni association, a professional group, or even AAA or AARP, then you should check with prospective Maine homeowners insurance companies to see if they offer group policies to those organizations. Group policies can lower premiums as well as offer more comprehensive overall coverage.
Shop Online for Great Deals
Shopping online is the most convenient method of saving money on Maine homeowners insurance. You can look up home claims histories, Maine homeowners insurance companies and get Maine homeowners insurance rate quotes.
You will be amazed at how much money you can save by shopping around. If you get 3 to 5 rate quotes on a particular home, you will most likely see a wide range of rates. Risk factors carry different weights depending upon individual homeowners insurance companies.
If you want to be a smart shopper and save some money in this time of economic difficulties, online Maine homeowners insurance quotes are the way to go. With only a few minutes of time invested, you can get quotes and compare several different companies’ rates and policies to choose the best for you and your home.