Insurance premiums for homeowners could rise as much as 8% this year (they rose 7% last year.). When you\’re looking to buy a home, what can you do to take a bite out of those increasing rates?
It\’s important to guard your credit rating, because more insurers are becoming like lenders – they use your credit report to establish an \”insurance score\” to determine your premium.
You may be able to save money by holding your automobile and homeowners insurance with the same company, since many offer incentives for multiple policies. Are there any other special discounts you might qualify for? If you\’re a member of an association or organization, there may be a group discount available through their insurance company. Another example of a special discount is for retired seniors, who may qualify for a discount on theft insurance since they\’re home more.
Get a CLUE. A Comprehensive Loss Underwriting Exchange is a report of the claims history of the property you\’re interested in, and you\’ll want to have a home inspection performed to address any problems identified in the report. Make your purchase contingent on it.
Finally, don\’t wait until the last minute to secure your insurance – do it right after your Offer To Purchase is accepted, because homeowners insurance is a requirement to complete your purchase, and you don\’t want any last minute surprises.

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