Homeowners Insurance Companies
Homeowners insurance companies offer discounts to consumers under certain circumstances. Many people don't think to ask their insurance companies about special rates for homeowners. Whether you are communicating with insurance companies for homeowners directly or speaking with an agent, be sure to ask whether you qualify for a better rate on your insurance coverage or what you can do to keep rates down.
Homeowners Insurance Companies:
How To Save Money On Premium Rates
Here are some ways you can save money on your homeowners insurance:
Raise Your Deductible - Carrying a larger deductible on your homeowners insurance policy can help you save money in a couple of ways. First, when you raise your deductible, your monthly premiums go down. (You do need to make sure that you can cover the cost of the deductible if you do have to make a claim, though.)
A higher deductible on your homeowners insurance means that you will not be making a claim on your policy unless the damage is fairly substantial. Some homeowners insurance policies do add a surcharge to your premium if you submit a certain number of claims. In some circumstances, you will need to pay more after only one claim. If the damage is relatively minor, you may be better off repairing it yourself.
Insure Your Vehicle With the Same Company - Many companies will give you a better rate if you have multiple policies with the company. Be sure to ask what percentage off you will receive if you change your auto insurance to the same company that is giving you a quote for homeowners insurance.
Have a Security System Installed - Any steps you can take to make your home more secure will help you save on your homeowners insurance costs, since it means that your home is less risky for the insurance company to provide coverage for. You will likely find that you can get the largest discount if you choose a home security company that contacts the fire department and local law enforcement directly on your behalf.
Install Smoke Detectors - Paying claims for fire damage can be very expensive, and if you let your insurance company know that you have installed a smoke detector in your home. For added security, install a smoke detector on every floor of your home, and test them every so often. Make a note on your calendar to replace the batteries once a year.
Have a Non-Smoking Household - Insurance companies know that careless smoking is the cause of many fires. By making your home a non-smoking one, your home is considered a lower risk and your premiums will decrease accordingly.
Homeowners Insurance Companies
And Your Credit Rating
You may not think that your credit rating will affect your rates for homeowners insurance, but it might. Some insurance companies that offer coverage to homeowners do check credit ratings before offering to extend coverage.
As a precaution, you may want to contact one of the credit reporting agencies (for example, Equifax or Experion) to get a copy of your credit report. Examine it carefully for any errors. If you find something listed on your report that is inaccurate, you will need to contact the credit reporting agency to dispute it and ask that your credit record be amended.
On the other hand, if your credit is less than stellar, you can take steps to repair your credit and get back on track. You can also look for an insurance company that doesn't check credit ratings before agreeing to cover a homeowner.
Homeowners Insurance Companies:
What To Do If Your Claim Is Denied
Hopefully, if you ever need to make a claim on your homeowners insurance policy, you won't run into any difficulties. However, if your claim is denied, here are some suggestions to help you press your claim and hopefully have the insurer agree to pay instead:
Don't Accept the Denial as the Insurance Company's Final Word - Most people who have a claim denied by a homeowners insurance company don't question it. If you feel that your claim is a legitimate one, then you are entitled to ask for more information about the specific reason why it was denied. It is possible that your claim was denied in error, and if you don't question it, you don't have any chance of getting your claim paid.
Ask the Insurance Company to Explain Their Reasons in Writing - It's possible that if you ask the insurance company to review your claim again that they will reverse the decision. If not, you may be able to use the information provided to dispute the insurance company's denial.
Compare the Insurance Company's Written Reasons to Your Policy - Go over the language of your policy and compare it to the reasons the insurance company has given for denying your claim. Make note of any discrepancies or anything that simply doesn't make sense to you. If you find anything, put this information in a letter to your insurance company and ask them to respond to it. They may allow your claim based on this information.
Make a Complaint to State Authorities - If you have tried all of these suggestions and the insurance company is still denying your claim, you have the option of registering a complaint with the regulatory body for insurance in your state. Look for your State Insurance Department (sometimes called the Department of Insurance) online. When you visit the web site, look for information about how to file a complaint.
You may be able to fill in an online form or contact the Insurance Department by phone to get the process started. At some point, you will likely be asked to provide copies of your policy, all correspondence between yourself and the insurance company, and any supporting documents that you want to rely on to support your complaint. Be sure to keep copies of everything you send or receive in connection with your claim.
Top Homeowners Insurance Companies
Here is a list of some of the best home insurance companies in the US:
All State
State Farm
Farmers
AAA
AIG
Nationwide
It can pay off handsomely to compare rates often from top home insurance companies in order to find the best value.
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