10 Ways To Save Money On Your Homeowner's Insurance Policy
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If you own a home it is critical that you carry adequate home owners insurance to ensure that you are properly protected. Insurance will give you peace of mind, but it should also not break the bank.
A basic homeowner’s policy covers you for loss against your home, your personal belongings and property, and for liability. You can buy different levels of coverage and you can also buy additional coverage for specific items such as jewelry or art work.
It’s important to understand the policy you are buying and what exactly it does cover. It’s also important to be sure to read the exclusion section. In fact if you read nothing else in your policy read what you are not covered for so there are no surprises.
Once you know what coverage you need it’s time to save some money. Follow these 10 tips to do just that:
1. Shop Around
Like with any purchase it pays to shop around. Ask friends and
family for agents they have been pleased with. Check and compare
rates online. Check with consumer agencies to find out a company's
reputation.
2. Higher Deductible
The higher your deductible the lower your premiums will be. This
is a great way to save some money but you need to be smart about
it! Don’t
choose a deductible that is more than you could afford to outlay
if you had to. If you have a claim and cannot come up with your
deductible your insurance will not kick in.
3. Combine Policies
If at all possible purchase your home, auto, health care, or any
other policies you require from the same company. Often multiple policies
can earn you up to 25% discount on all your policies.
4. Disaster-Proof
Disaster-proof your home so that you can earn additional discounts.
Storm shutters, stronger roof materials, or making your home earthquake
proof can save you money. Check with your insurance agent to find
out what upgrades would be beneficial.
5. Home Security
You can save anywhere from 5% to 20% a year if you install home
security equipment. Smoke detectors, dead bolts, sprinkler systems, and
burglar alarms are all considered home security and each earns you a discount.
6. Good Credit
Believe it or not, your credit history affects your insurance costs.
That’s because the industry believes if you have good credit you are
more responsible and therefore less likely to have a claim. So make sure
your credit stays healthy.
7. Be Consistent
Stick with the same insurance company. Staying with the same company
will usually earn you a discount on your premiums. Most companies will give
you a 5% discount after 3 years and a 10% discount after 6 years.
8. Check Your Limits
Be sure to pay close attention to your coverage. Don’t pay for coverage
you don’t need and do be sure to have adequate coverage where you
need it. That fur coat you insured for $10,000 ten years ago. Do
you still own it? That beautiful diamond ring that cost $5,000, do you have
coverage on it?
9. Know Before You Buy
When in the market for a home, watch for those little things that
can make the difference in your policy premiums. Fire hydrants within so
many feet can reduce your premiums. A volunteer fire department can increase
your premiums. Some types of heating can increase your premiums. Some districts
can increase your premiums.
10. Get The Discounts
Many insurance companies offer a variety of discounts so be sure
to ask. For example seniors often earn a discount of 10% or more. Membership
in some associations will also earn you a discount.
Your homeowner insurance policy should provide you with peace of mind that should you need to make a claim you will be covered. It deserves your time and effort to ensure you’ve got the best policy for your needs!
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