How can we save money on insurance beside increasing hazard insurance (homeowners insurance) deductible?


Hazard insurance (homeowners insurance) deductible is what you pay towards some loss before the insurance company interferes and begins to pay. Hazard insurance deductibles will start at $250. The higher the deductible, the more you save on hazard insurance. At $500 you can save up to 12% on the homeowners' insurance, at $1000 deductible you save up to 24%, at $5,000 you can save around 35%, and so forth. Some companies may offer you hazard insurance deductible up to $10,000, other mortgage companies will limit your deductible to $1,000.

How to Save Money on Homeowners' Insurance

If you are non-smoker, you may be offered discounts on hazard insurance by some insurers.

Your business association or company may be using a group insurance package with some insurance company. Perhaps it is a good idea to check if they will give a group discount on homeowners' insurance to you and your fellow colleagues.

If you are a senior of 55 and retired, some insurance companies may give you 10% discount.

You can certainly get at least 5% off hazard insurance premiums if you install smoke detectors and alarm, and up to 20% if you install a sprinkler system as well as alarm reporting at monitoring facility. Before you buy such a system, check with your insurer what systems they recommend and how much you will save on insurance as those surveillance systems are far from cheap.

Also, if you stay with one insuring company for a longer time, they may begin treating you with special attention as a loyal customer and offer you 5 to 8 percent discount.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
Was this Mortgage QnA helpful?
Not at all
  • Currently 2.9/5 Stars
  • 1
  • 2
  • 3
  • 4
  • 5
Add to this Answer

Mortgage QnA is not a common forum. We have special rules:

  • Post no questions here. To ask a question, click the Ask a Question link
  • We will not publish answers that include any form of advertising
  • Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers
If you have trouble reading the code, click on the code itself to generate a new random code. Verification Code Above:
Bookmark and share this QnA: