Ten Factors that Influence Your Home Insurance Rate |
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6. Coverage
Homeowner's insurance typically covers damage or loss to your home and its contents, but some packages also provide other benefits such as personal liability coverage if someone is injured on your property or theft insurance. Read the fine print. Prices and coverage can vary significantly between packages that appear similar. Make sure you get what you need and use what you get.
7. Deductible
The deductible is the amount that you the policyholder must pay before your insurance company starts paying benefits. The higher your deductible, the lower your premiums. By raising the deductible, you can save up to 50 percent of the cost of your homeowner's insurance.
8. Loyalty
Insurers will often reduce their rates if you buy more than one type of coverage such as auto and homeowner's from them or if you stay with them over a period of time. "Some insurers will reduce their premiums by 5 percent if the person stays with them for three to five years and by 10 percent if the person remains a policyholder for six years or more," says Jayna Neagle of the Insurance Information Institute.
9. Retiree?
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