Cheapest Home Insurance -- Sure-Fire Tips

With the right advice you'll get more affordable rates for sufficient coverage. However, if you get the wrong ones, in spite of the fact that you may still save, it will be by downgrading the level of coverage you'll enjoy. Here are some great ways to get cheaper rates without opting for inadequate coverage...

1. Get special fire and security gadgets that alert fire stations, police stations or other monitoring centers. Not only will you enjoy a big discount, you will as well feel more secured bearing in mind that your home is constantly monitored. Although the savings this will get you will vary from one insurer to another, you can expect to reduce your home insurance premium by as high as 25%.

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2. You will save if you buy all your policies from the same insurer. This is known as a multi-policy discount and is available with all insurance carriers. Although you'll get a discount for buying several policies from one particular provider, you may save more by purchasing each particular policy from various providers.

I'll take this further...

We will operate in the assumption that you've got life, auto, health and home insurance policies. You can expect a reasonable discount from any insurance provider with whom you keep this many policies. Nevertheless, we will consider it from a rather global view to see another possibility...

To explain this we'll assume your profile gets the following premiums with different carriers...


Insurer A

Life insurance: $2,590

Health insurance: $2,200

Auto insurance: $3,500

Home: $2,100


Insurer B

Life insurance: $3,100

Health insurance: $2,400

Auto insurance: $2,500

Home insurance: $2,400


Insure C

Life insurance: $2,900

Health insurance: $1,900

Auto insurance: $2,800

Home insurance: $2,700


Insurer D

Life insurance: $2,100

Health insurance: $2,300

Auto insurance: $2,750

Home insurance: $2,600


From the list above the total for the 4 policies with Insurer A is $10,390. However, your total insurance costs will lower to $9351 if you are given a multi-policy discount of 10 percent. This is really remarkable considering that you'll save over $1,000.

Nevertheless, the wisdom or otherwise of this decision becomes clear when you compare it with what would have been saved if you bought from the insurer who had the cheapest rate per policy...

The following are the best rates from different insurers for the different policies: $2,1000 from Insurer A; $2,500 from Insurer B; $1,900 from Insurer C and $2,100 from Insurer C. This gives a total of $8,600 despite the fact you were not given any multi-policy discount.

In this case you'll save $751 more than if you opted for a multi-policy discount with Insurer A.

This may not always be the case for everybody depending on how well you shopped before buying. But, you will do well to check first. Do your best to get and compare quotes from as many quotes sites as possible if you really want to find out what's best in your case. You are less likely to miss cheaper rates if you obtain and compare quotes from at least 5 insurance quotes sites.

3. Have you stayed with your home insurer for up to 3 years? Then make a demand for a loyalty discount. Most companies will give discounts once you keep your policy with them for 3 years and above. Nevertheless, I do NOT expect that you stay with an insurance company for that long simply because you're looking to qualify for a loyalty discount.

Believe it or not, you can almost always find an insurance provider that offers a far lower rate than what you are currently paying. That is, if you understand how to shop right. Make a list of insurance carriers that you've never received quotes from and get and compare quotes from them.

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4. You'll probably reduce your rate if you spend time to check your homeowners insurance policy not less than once yearly or whenever there are changes in your home. That expensive fur coat might no longer be worth as much as when you bought it.

Lower your coverage by the right margin if it has dropped in value and, consequently, you will save and still maintain adequate coverage. But be informed that the reverse could also be the case where you'd have to buy more coverage because it has increased in value. The interesting thing, though, is that whichever it turns out to be you'll be the better for it.

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