Want to find out your home in Arlington Texas is worth? Visit TheGroganGroup.net or call The Grogan Group at 682-422-7176.
Search for homes for sale in Arlington, Texas by visiting The Grogan Group's website.
Insurance companies price your homeowners insurance based on a number of factors. As a homeowner in Arlington, Texas, some of these factors are outside your control. For example, you cannot influence the cost of building materials required to rebuild your home if it is ravaged by fire. However, you can control other factors, and take simple steps to reduce the cost of your coverage.
- Upgrade your home security
Fit a smoke detector, fire extinguisher and a burglar alarm system and most home insurance providers will cut your premium by around 5 percent. Install a state-of-the-art home security system and you may see a reduction of up to 20 percent. These systems aren't cheap, however, and you would have to balance the cost of installation against the potential saving.
- Remove potential hazards
The trampoline and pool in the backyard may seem innocent enough, but they account for a disproportionate volume of insurance claims. Telephone your agent and ask what steps you can take to make your home in Arlington, Texas hazard proof. Fitting storm shutters or upgrading your electrical systems to minimize potential fire hazards should slash your premium, depending on the age of your house and where you live.
- Don't insure your land
The market value of a home in Arlington, Texas is not the same as its insurance value. The market value is what your house and the land it stands on are worth. But the land is not at risk from windstorm, fire, theft and other perils. You don't have to add its value in determining how much insurance to buy. As a rule of thumb, the land is worth around 10 to 15 percent of the purchase price you paid for the home. Deduct that from the price. The result is the amount of insurance cover you need.
- Raise your deductible
Deductibles are the amount of money you pay toward a loss. For example, a deductible of $100 means that you pay the first $100 of any insurance claim and the insurance company only pays the balance. High deductibles mean lower premiums. If you raise your deductible to $1,000, you may save as much as 25 percent on your premium.
- Claim your discounts
Some demographic profiles receive discounts on their home insurance. For example, retired people and those who work from home often receive lower premiums since they are at home during the day and are less likely to suffer a break in. Non- smokers will generally receive a discount, since their home is a lower fire risk. Check with your insurer, and you may save up to 10 percent.
- Remove cover you don't need
Risks such as earthquake coverage or a jewelry floater for high-value jewelry may come as standard with your policy, and you may not notice these items in the small print . It makes no sense to pay for risk you will never encounter. Ask your agent to remove them, or shop around for a cheaper policy that does not add erroneous risks.
- Improve your credit record
Insurers often use credit information to price homeowners insurance policies. Pay your bills on time, don't open more credit than you need and don't charge close to the limit to keep your credit score healthy. In most states, your insurer must tell you if it uses credit scores to set your rate. Take the opportunity to verify your credit information and correct any errors.
- Combine your home and auto policies
Take your homeowners and auto insurance policies from the same carrier and you will likely see a discount from 5 to 15 percent.
- Be loyal to your carrier
Some carriers will knock 5 to 10 percent off the premium for long-term policy holders. Check how long you need to stay with your insurer to qualify; discounts usually kick in after three to five years.
- Shop Around
Carriers analyze similar factors to set policy costs. These factors reflect how likely you are to make a claim. However, different insurers attach different levels of importance to these factors. Combined with the many discounts, sweetheart deals and other incentives that insurers offer to win your business, you may find that one insurer in Arlington, Texas is much cheaper than another for the same policy. So, shop around. Use online insurance quote services, consumer guides and comparison sites to get an idea of price ranges and figure out which companies have the lowest prices. Remember to read the policy. You want more insurance for less money, not less cover and a lot of risk.
Want to find out your home in Arlington Texas is worth? Visit TheGroganGroup.net or call The Grogan Group at 682-422-7176.
Search for homes for sale in Arlington, Texas by visiting The Grogan Group's website.
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