Five Tips to Lower Your House Insurance Rates Today

Most people are aware of steps they can take to lower car insurance but what about house insurance? Some individuals might think they're stuck paying whatever bill is sent without looking further into it. ou'll be happy to know there are ways to lower your home insurance premium.


The first is a bit obvious - raise your deductible. For those who are good at putting money in a savings account (and leaving it there) choosing a deductible of $500 or $1,000 could be the wiser choice. In the event of a claim you'll be required to pay the deductible amount out of pocket before your homeowners insurance takes over.

However, you'll save on premium charges each month/year. he money you save on the rate can be put away so you have your deductible covered. And if an event doesn't occur you have extra rainy day funds or a few extra dollars for your yearly vacation to spend (but again, don't spend more than your deductible). The last thing anyone wants to do after coming home from someplace like Disney World is to see their house burned down and no money in the bank to cover the deductible.

One way to lower your home insurance rate is to look into what protective devices your home has. Protective devices consist of smoke alarms, fire extinguishers, deadbolt locks on exterior doors, central burglar and fire alarms. Some places offer an automatic discount of 15% for these things alone, with some insurance companies offering even greater discounts.

Another thing to consider is the dwelling itself. Is your home fire resistive or made of materials like brick and masonry, which is fireproof? If so you might qualify for another 15% off of your yearly policy. Also consider the age of the home. If the house has been constructed in less than 10 years or completely renovated by a licensed contractor within 10 years you could qualify for around 25% off so tell your agent these facts.

Your track record also plays a part in a possible discount. If you've been claim free for one-five years some insurance companies will automatically lower your rates for you. But if you don't see a change in your bill it never hurts to call and ask them if they have what's called an indemnity renewal claim free discount. If you've been lucky, you just might be rewarded.

Again, one of the more obvious factors for lower insurance is age. For homeowners 55 or old you could receive a discount. Members of organizations such as the AARP could have special discounts as well. But you don't need to be over 55 or an AARP member to get some dollars knocked off your homeowner insurance policy bill. You could just be an early retiree so ask your company for details.

Kids Off to College? Make Sure They're Protected

Sending your kids off to college can be hard. All along, you've shielded them from injury and danger, but now they're on their own. Fortunately, you can still help protect them by making sure that they have the appropriate coverage.

Health insurance coverage is a must

Health insurance coverage is just as important for your college-bound child as it was when he or she lived at home. Accidents, illnesses, unexpected emergencies, and routine conditions may require expensive medical treatment. Many colleges even require health insurance coverage as a condition of enrollment.

In most cases, you can continue to insure your child under your own family health insurance plan. Most plans will continue to cover full-time students who meet the age requirements of the policy (e.g. under age 21 or 24). If your plan is a health maintenance organization with coverage restricted to local doctors and hospitals, you may need a separate plan for your child if he or she is going out of state. You may be able to buy an individual policy from a private insurance company.

Another option is to buy health insurance directly from your child's college (if offered). Since plans vary, pay close attention to cost and coverage provided. When reviewing a plan, consider the following:

Amount of deductible and co-payment

Extent of coverage

Types of services covered

Exclusions and limitations, especially if there are pre-existing conditions

Maximum benefit amount provided

Flexibility regarding choice of health-care providers and specialists

Make sure that your child is covered by auto insurance, both at home and away

When your child goes off to college, it's time to review your auto insurance coverage. Your insurance agent can tell you how your coverage and premiums will be affected. For instance, if your child owns a car and is taking it to school, your insurance company may require that the auto insurance policy be issued in your child's name. Or, if your child borrows one of your cars for school, you'll probably want to list him or her on your insurance policy as either a principal driver or an occasional driver.

What if your child isn't taking a car to college? If you expect him or her to use your car during school breaks and summer vacations, it may be wise to list your child on your policy. But if your child won't be using the car regularly, ask your insurance agent if you're eligible for a premium discount.

Protect your child's possessions at college with homeowners or renters insurance
Like many college students, your child may be bringing a personal computer and printer, stereo, and other personal items to school. If your child commutes or lives in a dormitory (or other college housing), your homeowners insurance should provide a certain amount of protection for his or her personal possessions.

But if your child lives off-campus, you'll need to purchase a renters insurance policy to cover his or her belongings. A renter's policy may also provide liability coverage if your child injures someone or causes property damage. Your insurance agent can help you determine the amount and type of coverage you need.

Please note that this description/explanation is intended only as a guideline.