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7 Tips to Save Money on your Homeowners Insurance Premium
- Review the Comprehensive Loss Underwriting Exchange (CLUE) report on the property you’re interested in. That details the properties claims history for the most recent 5 years, which 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 you offer is approved. You must obtain insurance to buy you don’t want to wait until the last minute.
- Maintain good credit. Increasingly, insurers are using credit based insurance scores to determine premiums
- Buy homeowners and Auto-Policies from the same company and you’ll usually get a discount.
- Ask about other discounts. For example, retirees who are home more than working people may qualify for a discount of their theft insurance
- Seek group discounts. If you belong to any groups, such as associations or alumni organizations, they may have deals on insurance coverage.
- Investigate a government-backed insurance plan. In some high-risk areas, federal or state government may back plans to lower rates. Ask you insurance agent.
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