There are several ways of saving money when it comes to quoting home insurance in Eagan, MN. Many people will always tend to go with the ‘cheapest’ rates, but this usually never works out for the customer when they have to submit a claim. Sometimes it is important to find a company that will provide the best value as opposed to total price. In order to save money on your home insurance, here are a few ways you can ensure you will get the right coverage for your home at the right price.
Make sure you have a Security System and Functional Smoke Alarms
The key word in the above statement is ‘functional’. Having an alarm system which is not working or smoke alarms which need replacement batteries really will do you no good to protect your family; and that’s more important than insurance rates in the grand scheme of things. However, having an alarm system which is monitored by a security company or tied in directly to the police or sheriff department will considerably help to reduce the amount of money you spend on home insurance. Typically, the insurance company will require documentation of the monitoring service by having the home owner send in a copy of their billing statement.
Raising your Deductible Can Save You Money
Just like car insurance, the higher the deductible; the lower your total premium will be. The only problem with doing this is that lower cost claims, such as broken glass or damage to walls which might cost a few hundred dollars in deductible, will most likely fall on the home owner themselves. However, another thing to consider is that every claim you make; your rates will increase. So, maybe raising your deductible to an affordable level is a smart way for you to lower your premium. Obviously this is a decision you will have to determine on your own.
Multiple Policy Discounts Work Well
You may have heard a lot about insurance companies offering multiple policy discounts for their customers which often can produce at least 10 percent off on both car and home insurance in Eagan MN when they have multiple policies with the same company. This program actually works well for home owners. When you are looking into getting quotes for a home owners policy, make sure you ask them about auto insurance and any discounts for ‘bundling’ your rates.
Consider Addition Costs
Many people often think about adding a new room, a finished basement or adding a swimming pool in their back yard, but how often do they consider the insurance ramifications? The fact is pools, trampolines and other ‘potentially damaging’ materials and devices are capable of increasing insurance rates by 10 percent or more. Adding new rooms or construction costs can also increase your insurance rates.
Pay Off Your Mortgage
Sounds easy huh? Just pay off your mortgage and your insurance premium will lower. The honest truth is the main reason why insurance rates lower is because many insurance companies actually believe that if you ‘own’ the house outright – you’ll take better care of the home. So, if you happen to win the lotto, make sure you pay off your mortgage early to lower your rates.
The fact is, there are many things you can do to lower your insurance premiums. And if you are a home owner and looking for great rates for home insurance in Eagan, MN, make sure you take your time, do some research and pick a company who will work with you to customize a great program best suited for your needs.