Cheap NY Homeowner Insurance -- Proven Advice

With the right advice you'll get cheaper rates for adequate coverage. However, if you get the wrong advice, although you may still save, you will do so by compromising the quality of coverage you get. I will, however, only make recommendations that will help you save much while you still keep enjoying the right coverage...

1. Install special fire and security gadgets that alert fire stations, police stations or other monitoring centers. Not only will you get a considerable discount, you will also feel more secured once you remember that your house is always monitored. This can bring down your premium by more than 25% depending on your insurer.

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2. Using the same insurer for several policies will attract a discount. This makes you eligible for a multi-policy discount. But you could save more with different insurers than you'll get from a multi-policy discount.

Let me make this a little clearer...

We will work in the assumption that you have life, auto, health and NY home insurance policies. Maintaining this many policies with any insurer is sure to get you a considerable discount. But let's see when that will not be the best route...

To explain this we'll assume your profile receives the following rates with different carriers...


Insurer A

Life insurance: $2,590

Health insurance: $2,200

Auto insurance: $3,500

Home: $2,100


Insurer B

Life insurance: $3,100

Health insurance: $2,400

Auto insurance: $2,500

New York home insurance: $2,400


Insure C

Life insurance: $2,900

Health insurance: $1,900

Auto insurance: $2,800

New York home insurance: $2,700


Insurer D

Life insurance: $2,100

Health insurance: $2,300

Auto insurance: $2,750

NY home insurance: $2,600


If, for example, you purchase all your policies from insurer A, your total insurance spend would be $10390. With a multi-policy discount of 10% what you will pay will drop to $9,351. Savings of this order can be termed considerable.

However, the wisdom or otherwise of this decision becomes clear when you compare it with what would have been saved if you bought from the carrier that had the most affordable rate per policy...

Here are the most affordable quotes from different insurance companies for the different policies: $2,1000 from Insurer A;$2,500 from insurer B;$1,900 from insurer C and $2,100 from insurer C. This gives a total of $8,600 although you weren't given any multi-policy discount.

This is $751 lower than what you'll get if you settle for a multi-policy discount.

This might not really be the case for everyone depending on how well you shopped before buying. However, you will do well to check first. And a good way to discover is to obtain and compare quotes from up to 5 insurance quotes sites. You're less likely to miss any great offer if you obtain and evaluate quotes from not less than 5 insurance quotes sites.

3. You should obtain a reasonable discount if you've being with your insurance provider for 3 years or more. But notwithstanding the fact that you will qualify for a loyalty discount if you continue with the same insurance provider for three years and more, do NOT make this decision just for that.

If it is about spending less, you'll almost always be able to pay less than you're paying at any time. That's, if you understand how to shop correctly. I suggest that you obtain quotes from companies you've never obtained quotes from time to time.

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4. You'll probably reduce your rate if you spend time to go through your homeowners insurance policy at least once a year or whenever there are changes in your home. The market price of your diamond ring might have changed considerably and so require that you review your coverage.

Reduce your coverage by the same percentage if it has dropped in value and, as a result, you will save and still have enough coverage. However, a review might show it's now worth a lot more and that you have to increase coverage.
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