Cheap Homeowners Insurance Quote – How to Find the Cheapest Rate
If you’ve recently bought a new home or want to rethink your budgets to add to your savings, you’ll probably look for ways to cut down on your insurance premiums. However, the key is to ensure maximum coverage that doesn’t impact your protection and yet gets you enough discounts. There are many Calgary Home Insurance Companies that offer a range of discounts for homeowners based on your location, security systems, deductibles, insurance history, and other factors. We bring you a simple guide to find the cheapest home insurance:
1. Bundle Your Policies
A lot of insurers offer a multi-policy discount that ranges from 15 to 25 percent, based on the kind of coverages you combine. You can bundle your car and home insurance to get a good discount on your premium rates.
2. Rethink your Safety
If you take the right steps to protect your home against losses, your insurance company will reward you with exciting discounts. Add some smoke detectors, fire extinguishers, hurricane shutters, water flow detectors and a backup generator to get additional discounts. It is important to compare the cost of security systems with the savings on your premium and only then decide what you can afford.
3. Increase Your Deductible
When you opt for a higher deductible, you are eligible for a lower premium. There are many reasons for this. One, you send a message to the Calgary home insurance companies that you are confident in yourself. Secondly, it proves that you have money in your bank account so you are less likely to file a small claim. Third, you also have the funds to undertake maintenance tasks in your home to reduce damages and losses. The common deductibles are $250, $500, $1000, $2500 and $5000. In the lower levels, increasing the amount can save 5 to 10 percent. In the higher bracket, savings can be up to 15 percent or more.
4. Adjust Your Coverage Details
Remember that it isn’t wise to cut down on necessary coverage just to save on premium costs. In the unfortunate event of a claim, you’ll be stuck without the right coverage. However, you can review your policy annually with the help of a broker and adjust a few details in your policy that might have changed over the years. You can also make changes to personal belongings and liability as your lifestyle changes with time.
5. Pay Annually
After buying home insurance, you have the option to pay annually or monthly. Though it may seem easier to spread out your payments, it can end up being costlier. When you pay monthly premiums, it’s as good as taking a loan at a high interest from your insurance provider. Compare the rates for monthly and annual payments and you’ll notice that you can save a lot when you choose to pay annually.
Calgary home insurance companies offer many discounts to homeowners. You just need to know what you can do at your end to save money and yet get the best coverage as per your requirements.