Finding the best insurance rates

Whether you’re buying or renting a house at your new location, insurance is one of the most expensive costs you’ll have to deal with upfront. However, if you know the “ins and outs” of shopping for coverage, you’ll be able to get a great plan at an even better price. So, don’t think you have to just settle for mediocre coverage or pay a high premium when you purchase or rent a new home. Instead, follow these simple tips to find the best insurance coverage at an affordable price.

1. Bundle your coverage

Like any other company, insurance agencies want your business, and they are willing to give you a little incentive to get it. Most agencies do this by rewarding you with a better rate when you bundle multiple policies with them. In many cases, pairing your home or renters insurance and auto insurance with the same company can actually save you as much as 30 percent. In addition to those policies, many companies are even beginning to offer life insurance policies that can be bundled with your coverage to help you save even more. Bundling your policies isn’t only beneficial from a financial standpoint, though. Bundled policies typically simplify the claims and communication process, as it is the same for all of your policies.

2. Raise your deductible

Boosting your deductible is another way to save on your insurance premium. The deductible is the amount of the damage that you have to pay out-of-pocket before insurance kicks in in the event of a claim. Many policies with higher premiums are based on a $500 or $1,000 deductible. However, homeowners or renters who can afford to pay a little more out-of-pocket when filing a claim or who are willing to gamble that they won’t run into any issues may choose a deductible as high as $10,000 to save as much as 35 percent.

3. Update security

Most homeowners are aware that installing fire alarms and carbon monoxide sensors can lower their monthly insurance costs, but they may not realize that installing an advanced alarm system or otherwise improving the security of their home has an even bigger benefit. Alarm systems that are connected to a central monitoring system can often cut your premium by up to 10 percent, which is worth looking into as a new homeowner. And some systems may even cut your costs by as much as 20 percent, depending on what is included. While installing an alarm system may not really be an option if you are renting, you can still often get discounts on your policy for upgrading the locks on the door, improving the fire monitoring system, and taking additional measures to update the security of your rental property.

4. Shop around

Another great way to save on your new insurance premium is taking the time to shop around. Many new homeowners and renters are tempted to go with the first coverage they find in a hurry, but it really is to your advantage to get rates from at least three different companies to compare policies and rates. Make sure you’re getting a comparable quote from each company and compare the dollars and cents of each option.

5. Maintain a good credit rating

As you were looking for and finalizing your new home purchase or lease, you wanted your credit rating as high as possible. But, you might not have known that could also be beneficial for your insurance premium. Be sure to maintain good credit by paying your bills on time and avoiding a large balance on any of your credit cards to achieve a lower insurance premium.

Insurance is an important consideration when it comes to buying or renting a new home. From one location to the next, your premium could change significantly, so it’s important to take some time before you move to find the best insurance coverage and rate you can. Use these simple tips to secure the best coverage and have peace of mind as you move.

Michael Rogers, US Insurance AgentsAuthor
Michael Rogers is the Operations Director of USInsuranceAgents.com. With over 5 years of experience and knowledge in the insurance industry, Michael contributes his level of expertise as a leader and an agent to educate and secure coverage for thousands of clients.

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