3 Ways to Get the Best Deal on Homeowners Insurance

One of the many myths surrounding homeowners insurance is that it's merely an optional add-on to the purchase of a residential property. The fact is that homeowners insurance is required in order to secure a loan for a mortgage. With that in mind, it is more than worthwhile for prospective homeowners to shop around to get the best possible deal on a policy. If you're looking to purchase a property soon, keep reading below to learn about three of the key ways you can get a great deal. 

Make Your Home More Secure

At its core, the cost of a homeowners insurance policy reflects the risk of damage that the insurance provider believes your property represents. This includes, among other things, the likelihood that your home will be broken into. As a result, one of the easiest things you can do to get a better deal on an insurance policy is to install a home security system. A quality system should include a number of components such as cameras, alarms, and sensors.

Bundle Policies Together

Homeowners insurance providers are often in the business of selling multiple types of additional policies — health, life, motor, and travel insurance are just a few. Furthermore, most providers are more than happy to give both new and returning customers a discount if they choose to bundle policies together. If you are already looking for a new car insurance provider, for example, it can quite literally pay to switch and bundle it with your home insurance. Don't hesitate to shop around, compare various bundling deals, and see if insurance providers are willing to match deals offered by others. 

Raise Your Deductible

When it comes to purchasing a homeowners insurance policy, there are two main payments every homeowner should be familiar with: the deductible and the premium. The former is the amount of money you are required to pay in the case of damage to (or loss of) your property before the policy itself kicks in and the insurance company pays the rest. The premium, on the other hand, is the amount you'll pay every year regardless. Thus, choosing to raise your deductible means saving a substantial amount on your annual premium. If you live in a safe neighborhood and in a region that is not regularly threatened by natural disasters, then it may be a good idea to seriously consider raising your deductible.

To learn more, contact a homeowners insurance provider in your area today.