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Home Insurance Policy Discounts
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Buying homeowners insurance may seem confusing, but it’s really a matter of choosing from a menu of options to get the amount of coverage you need. The price paid for insurance depends, in part, on the factors chosen. To help you prepare, we cover some of the basics of purchasing homeowners insurance.
Homeowners need insurance. Mortgage lenders love it and, frankly, taking out insurance is a good deal of money. Another smart financial move is to refrain from paying more than necessary for major coverage. To help policyholders get the best price, home insurance providers offer homeowners a variety of discounts, including the following.
When someone moves into a new house, insurers assume that everything will be in good condition. They worry less about the roof blowing off or water leaking into the family room. They also think that the house has modern security measures. Anyone who has just purchased a new home can insure up to 35% less than the existing home.
Insurers make certain assumptions when it comes to homeowners over 55. On the one hand, they assume that an older homeowner has more time to maintain and repair. Whether or not this assumption is true, many insurers offer special discounts on homeowners insurance for people over 55.
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When a person buys their home, auto, and (possibly) life insurance from the same insurance company, it is called bundling. Companies like to bundle and offer discounts to those customers who take advantage of the one-stop shop policy.
What an insurance company wants more than anything is a customer who will pay their premiums without filing claims. If a homeowner has gone several years without filing a claim, it is important to check if he or she is eligible for the home insurance no-claims discount.
