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Coldwell Banker Home >
Learn
>
Tips for Lowering
Homeowner's Insurance Costs
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Tips for
Lowering Homeowner's Insurance Costs
1.
Review the Comprehensive Loss
Underwriting Exchange (CLUE) report on
the property you’re interested in
buying. CLUE report
s detail the property’s claims history
for the most recent five years, which
insurers may use to deny coverage. Make
the sale contingent on a home inspection
to ensure that problems identified in
the CLUE report have been repaired.
2.
Seek insurance coverage as soon as
your offer is approved. You must obtain
insurance to buy. And you don’t want to
be told at closing that the insurer has
denied your coverage.
3.
Maintain good credit. Insurers often use
credit-based insurance scores to
determine premiums.
4.
Buy your home owners and auto policies
from the same company and you’ll usually
qualify for savings. But make sure the
discount really yields the lowest price.
5.
Raise your deductible. If you can
afford to pay more toward a loss that
occurs, your premiums will be lower.
Avoid making claims under $1,000.
6.
Ask about other discounts. For
example, retirees who tend to be home
more than full-time workers may qualify
for a discount on theft insurance. You
also may be able to obtain discounts for
having smoke detectors, a burglar alarm,
or dead-bolt locks.
7.
Seek group discounts. If you belong to
any groups, such as associations or
alumni organizations, they may have
deals on insurance coverage.
8.
Review your policy limits and the
value of your home and possessions
annually. Some items depreciate and may
not need as much coverage.
9.
Investigate a government-backed
insurance plan. In some high-risk areas,
federal or state government may back
plans to lower rates. Ask your agent.
10.
Be sure you insure your house for
the correct amount. Remember, you’re
covering replacement cost, not market
value.
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