Cheap insurance can come with a cost. Even though you may not see the cost reflected in your premium, chances are it will catch up with you down the line when it comes time to file a claim. Sometimes having cheap insurance means being underinsured which exposes you to financial risk in the event of a claim. However, that doesn’t mean you have to pay an arm and a leg for insurance. Here are the top two ways to pay cheap insurance rates without getting cheap insurance coverage:
Take advantage of discounts:These days insurance providers are offering discounts for all types of things including deadbolts, security alarms, smoke detectors and more. Ask your insurance agent to qualify your for every discount they can and you could save 20-25% on your home owners insurance premiums.
Package your home and auto:Many insurance providers will reward policyholders who bundle their home and auto insurance policies with them. Homeowners have reported savings of up to 20% on their homeowners insurance by packaging their auto with the same company. Ask for a home-auto quote to see what you could save.
For more information on how to save wisely on home insurance, visit the Insurance Information Institute.
I find that the least expensive insurance is never with the same company. I have never found an inexpensive auto insurance company also have an inexpensive homeowners policy.
I was just thinking today… I did an insurance review this summer and was very pleased with it. I’ve heard great things about how my insurance company has treated others, so I’m less likely to move now… even if I discovered their rates were slightly higher.
We use an independent agent.
Their advice and service have been excellent.
They consistently find us the best prices and weed out the poor companies.
@krantcents: on the other hand, we have a pretty good auto insurance policy through our homeowners insurance.
Combining your auto and home insurances is the best trick in the book to reduce premiums!