Here are a few ways to help you save money on your homeowners insurance.
- Review the Comprehensive Loss Underwriting Exchange (CLUE) report on the property your looking at. The CLUE report will detail the property's claims history for the most recent five years, insurers may use to deny coverage. Make the sale contingent on a home inspection to ensure that problems identified in the CLUE have been repaired.
- Seek insurance coverage as soon as your offer is approved. You must obtain insurance to buy and you don't want to be told at closing that the insurer has denied you coverage.
- Maintain good credit. Insurers often use credit based insurance scores to determine premiums.
- Buy your homeowners and auto policies from the same company and you'll usually qualify for savings.
- Ask about other discounts. For example, retirees who are home more than working people may qualify for a discount on theft insurance.
- Seek group discounts. Belonging to groups such as associations or alumni organizations may enable you to obtain a group discount on insurance coverage.
- Investigate a government backed insurance plan. In some high risk areas, federal or state government may back plans to lower rates. Inquire with your agent.
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YOUR Personal Guide to Real Estate
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