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How to Find Lower Homeowners Insurance Rates

One of the investment costs facing Texas buyers is homeowners insurance. Although some people see it as just an added expense, it does offer protection in the event of a problem. Most mortgage lenders require it before they will approve an Austin home loan. There are different types of policies and plans available, so do some homework before making a decision. Here are a few ways to find lower homeowners insurance rates.

Rate Factors
Insurance rates can vary depending on the insurance company and the type of policy you buy. It also makes a difference whether the home is on a floodplain, is built on a waterfront or has a pool. Insurance companies also consider the types of amenities and other factors. Lower rates may apply for homes made of brick and stone.

Neighborhoods
One way to lower insurance rates on your Austin home is by choosing your neighborhood carefully. They are not all the same based on the size of your home. Location matters. The types of risks associated with your property matter. Varying insurance rates may take into account the neighborhood’s crime rate.

Discounts
Keep in mind that some insurance companies provide discounts for homeowners who meet certain criteria. Don’t wait for them to be offered to you. Ask. For example, military discounts, policy bundling and a good credit history are all possibilities. Memberships in some local and national organizations also make you eligible for discounts.

Lower Rates
If a monthly payment is high, consider changing your deductible or frequency of payments per year. Also, don’t forget to shop around among a few different homeowners insurance companies. They’re not all the same. As always, be sure to read the policy over before making an agreement so you’ll understand your coverage in the event of a serious problem, wildfire or other disaster.

Once you’ve moved into your home, you can keep your rates in check by avoiding unnecessary claims for small problems and by staying up on home repairs. Consider making improvements such as energy efficient windows, installing a security system, adding an automatic generator and whole-home surge protector, and putting in radon and carbon monoxide detectors.

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