. CLUE reports detail the property’s claims history for the most recent five years, which insurers may use to deny coverage. Make the sale contingent on a home inspection to ensure that problems identified in the CLUE report have been repaired.
. You must obtain insurance to buy. And you don’t want to be told at closing that the insurer has denied your coverage.
. Insurers often use credit-based insurance scores to determine premiums.
. But make sure the discount really yields the lowest price.
. If you can afford to pay more toward a loss that occurs, your premiums will be lower. Avoid making claims under $1,000.
. For example, retirees who tend to be home more than full-time workers may qualify for a discount on theft insurance. You also may be able to obtain discounts for having smoke detectors, a burglar alarm, or dead-bolt locks.
If you belong to any groups, such as associations or alumni organizations, they may have deals on insurance coverage.
. Some items depreciate and may not need as much coverage.
. In some high-risk areas, federal or state government may back plans to lower rates. Ask your agent.
. Remember, you’re covering replacement cost, not market value.