Three Things You Can Do to Lower Home Insurance Premiums When Buying a House
Buying a house entails a lot of expenses.
The initial premium for a home insurance is part of the things you need to pay for the closing costs, among many other things.
It makes sense that you'd want to reduce the amount you pay for the closing as well as the amount you'll pay thereafter for the premiums before you even buy the house.
Saving on insurance premiums doesn't mean that you're skimping on the important stuff.
In fact, you're saving money on things that you can control so that you can afford better coverage or make sure that you will be able to keep on paying the premiums in the future.
Let's say for example that you want to buy Coronado real estate and while looking at Coronado homes for sale, you find one that you like, make an offer on it, and go into escrow.
It's important that you know some things about the house relating to insurability as well as how you can potentially lower the premium so you can factor it into the upfront costs.
How do you reasonably reduce homeowner's insurance premiums before you fully commit to buying a house? Here are three important suggestions every potential homeowner should at least give some thought in order to lower the insurance premiums they will pay before they buy a house.
1.
Forget about insuring the land - Some policies are made a bit more expensive because the policy covers the land where the house is built on.
Unless you have a very good reason to insure the land, it may make more sense to insure just the structures on the land itself.
After all, not many things can go wrong with the land.
2.
Look for houses that have several safety and security add-ons which can translate to discounts - Some houses already have upgraded electric wirings, smoke detectors, reinforced roofs, storm shutters, heating and plumbing system upgrades, and the likes.
Houses with those kinds of upgrades are usually eligible for a discount on the insurance premiums.
That's because homes with these kinds of upgrades tend to have less untoward accidents.
Less accidents, less chances of claims.
Just keep in mind when you buy a house that from an insurer's point of view, the safer it is, the better it would be for them, business-wise.
3.
Get all your policies from one provider - Most companies will give a discount if you get all your other policies from them.
If you already have one for your car, check with the company if they offer discounts should you get other non-life insurance policies from them.
Chances are you may be able to save a lot of money this way.
If you're happy with the service of your current insurer, then getting the discount from them is really just an added bonus.
There are also other things you could do to help lower the premium, such as declare the house a non-smokers', get quotes from different insurers so that you can compare premium costs, and the likes.
The initial premium for a home insurance is part of the things you need to pay for the closing costs, among many other things.
It makes sense that you'd want to reduce the amount you pay for the closing as well as the amount you'll pay thereafter for the premiums before you even buy the house.
Saving on insurance premiums doesn't mean that you're skimping on the important stuff.
In fact, you're saving money on things that you can control so that you can afford better coverage or make sure that you will be able to keep on paying the premiums in the future.
Let's say for example that you want to buy Coronado real estate and while looking at Coronado homes for sale, you find one that you like, make an offer on it, and go into escrow.
It's important that you know some things about the house relating to insurability as well as how you can potentially lower the premium so you can factor it into the upfront costs.
How do you reasonably reduce homeowner's insurance premiums before you fully commit to buying a house? Here are three important suggestions every potential homeowner should at least give some thought in order to lower the insurance premiums they will pay before they buy a house.
1.
Forget about insuring the land - Some policies are made a bit more expensive because the policy covers the land where the house is built on.
Unless you have a very good reason to insure the land, it may make more sense to insure just the structures on the land itself.
After all, not many things can go wrong with the land.
2.
Look for houses that have several safety and security add-ons which can translate to discounts - Some houses already have upgraded electric wirings, smoke detectors, reinforced roofs, storm shutters, heating and plumbing system upgrades, and the likes.
Houses with those kinds of upgrades are usually eligible for a discount on the insurance premiums.
That's because homes with these kinds of upgrades tend to have less untoward accidents.
Less accidents, less chances of claims.
Just keep in mind when you buy a house that from an insurer's point of view, the safer it is, the better it would be for them, business-wise.
3.
Get all your policies from one provider - Most companies will give a discount if you get all your other policies from them.
If you already have one for your car, check with the company if they offer discounts should you get other non-life insurance policies from them.
Chances are you may be able to save a lot of money this way.
If you're happy with the service of your current insurer, then getting the discount from them is really just an added bonus.
There are also other things you could do to help lower the premium, such as declare the house a non-smokers', get quotes from different insurers so that you can compare premium costs, and the likes.
Source...