Land values are calculated into the final sales price and should be considered when insuring the structure. In others words you cannot hurt the dirt. A good idea is to call local builders and ask them what new home construction cost per square foot is going for. Take that number; multiply that times your square footage and that is the amount that your home should be insured for. Companies will not pay more than what it is going to cost to rebuild the home anyway, so make sure you are insured correctly.
Don’t pick lower deductibles
The lower a deductible, the higher your premium will be. Deductibles can range anywhere from $100-$5000 or more. The majority of homeowners will carry a $500 deductible, but the savings one can receive by raising your deductible to $2000can be significant, up to 30%. It doesn’t take too many claim free years to make up the difference between the two deductibles, but remember you should never raise your deductible to a level that you could not afford to pay.
Increased Home Security
To make the most of your Home Security Discount make sure that you home is fitted with: dead bolt locks, smoke detectors, fire extinguishers and a burglar and fire alarm that are monitored. Make sure you or your agent ask for the savings
Keep your credit score as high as possible.
Many insurance companies are using your credit score as an indicator of responsibility. The theory is the more responsible the individual the less claims they will have. And, insurance companies are giving lower rates to those individuals with a better credit score.
Consolidate your policies.
Most, if not all companies that sell home insurance offer discounts for insuring your autos with them. These discounts can sometimes save you up to 30% or more off of your total insurance bill.
Ask your Home Insurance Agent.
Work with a knowledgeable insurance agent that will help you receive 100% of the home insurance discount that you qualify for. Some insurance companies have discounts that most would never dream as being a discount, such a 60 and retired, military service, non-smoking, single parent discount, etc.