It’s hardly surprising that homeowner’s who finance their property have homeowner’s insurance. Lenders require insurance as one of the requirements of any loan. The surprising thing is that well over 90% of all West Virginia homeowner’s who do not have to buy it still choose to do so.
The reason is obvious. A house is both an investment as well as an asset, and it makes good economic sense to protect both investments as well as assets. Of course that doesn’t mean anyone wants to pay any more for their policy than they absolutely have to.
One way to keep the cost down is to pay premiums yearly rather than monthly. If that isn’t possible then paying premiums automatically each month can also save you money.
Keeping a clean credit record saves you money, too. Treat credit cards and other forms of credit wisely since the higher your credit score the lower your payment.
Making your home safer and less susceptible to injury-related lawsuits will also lower your monthly payments. Fill in potholes around your property and remove and replace any broken or buckled concrete. Replace lose floorboards on porches and decks and make sure all railings are tight.
Making your home less appealing to burglars can also save you money every month. Trim bushes away from windows and install motion-sensitive lighting to keep burglars in plain sight. Install deadbolt locks on all exterior doors and add locks to all windows to keep burglars out of your home.
If your home is over 10 years old it may pay you to upgrade your plumbing and/or electrical systems. Talk to your agent and see how much a one-time investment on your part will pay-off in monthly savings.
Make sure you have the right number of smoke, fire and carbon monoxide detectors for the size and layout of your house. Make sure each detector gets a fresh battery every six months.
Buy a fire extinguisher for your kitchen. Make certain that you purchase a fire extinguisher that’s specifically rated for kitchen fires.
Increase your deductible. Increasing your deductible will decrease your monthly premium faster than just about anything else. However, don’t get carried away and promise to pay a higher deductible than you can really afford.
Buying a home protection service that monitors your home for fire, carbon monoxide and burglaries 24/7 is not only great for your peace of mind, such a system can also save you a lot of money – 20% or more on your homeowner’s insurance every month.
But be sure to ask your agent before you sign your name to any contract because not every home protection system will earn you the full discount.
See if you can find group policies. Some clubs and organizations offer their members low-cost group insurance.
Is anyone living in your home who is 55 or older and retired? If so you may be due a reduction in your monthly premium.
The final thing you’ll want to do is to buy your homeowner’s policy online. You’ll almost always save money if you purchase your insurance online. However, don’t just rely on 1 homeowner’s insurance price comparison website. If you really want to find the best rates on homeowner’s insurance in West Virginia you’ll make your price comparisons on a minimum of 3 different websites.
You’ll also be careful to enter the exact same information into the forms on all 3 websites so that you are comparing the same policy each time.
But once you’ve done that then you’re done! All that’s left is to review your results and grab the cheapest-priced policy. This is the way that you get the best rates on homeowner’s insurance in West Virginia.