Condo Insurance

Most mortgage lenders require you to have insurance but just because it is necessary it does not mean that every policy costs the same amount and there are various ways you can save money on your condominium insurance. Most people would rather put the money they have saved into their home therefore here are some tips to save cash on your householders insurance.  

It is quite normal for an insurance company to provide a discount when different insurance plans are taken out together like a condominium and an auto insurance policy for instance. For example, if your auto insurer also sells householders insurance, you might get a discount of up to 15 percent off your premium for having both products from them. 

It is also worth looking out how much your condominium insurance covers each year as you purchase new items and you do not want to under-insured. One facet where savings can be made is on items that are listed as insured which do not need to be for example if you do not live on a flood plain then the likelihood of flooding is remote and could reduce the cost of your condominium insurance if removed. 

Increasing your deductible by just a few hundred bucks can make a significant difference to your premium as most deductibles start at 250 bucks and so if you raise your deductible from that to 1,000 bucks, you may to save nearly 25 percent on your premium. Other reductions in the premium can be in the form of safety and security aspects of your house like the addition of smoke detectors and security locks to all the doors, garage and windows. 

Of course many newer homes have many of these types of items built in as safety standards improve but older homes can always use the additional measures. Seniors are often awarded discounts on their householders insurance if they are over 55 and retired, or if they've been a client of the same company for a long time. As larger numbers of people live in gated communities that have twenty-four hour security, this is something else that can have an impact on how much house insurance you will pay. 

As non-smokers are less of an insurance risk, it is normal for them to be awarded a lower insurance premium and if you had a policy when you were a smoker but have now given up then you need to inform your insurance company as soon as possible. The number of fires caused by cigarettes in the United States is over 20,000 per year so you can see why non-smokers can receive preferential rates. 

What many condominiums forget to do when they arrange insurance is to deduct the cost of the land their house is built on as this does not need to be insured. The land is more often than not going to survive any problems thus does not need to be insured.