Tips To Save On Home Insurance
Insurance can be a major expense for home owners, but there are a lot of steps you can take to help reduce your monthly payments.
Find the right policy
Take the time to shop around and find the best rate. Using an agent may let you compare multiple policies at once. Also consider adjusting your deductible, by raising it from $500 to $1,000 you can lower your monthly payment.
Buy the right house
When buying a home it is important to consider the cost of insurance. The age of a house, the type of construction and its location are all factored into your premium.
Avoid making small claims
It may be tempting to contact your insurance company for every minor repair, but lots of smaller issues may end up raising your payments. Get a quote on the repairs first and if it is around the cost of your deductible, consider paying for it out of pocket.
Protect your home
Insurance companies offer discounts for homeowners that take steps to protect their investment. Install smoke detectors or security alarms for a discount.
Know the value of your home
It's important to know the cost to rebuild your home or replace belongings. Overestimating the value of your home will increase your monthly payments. One common mistake is including the value of the land, which does not need to be protected from fire or theft.
Look for bundling options
Many companies will offer discounts if you insure your car and home together. Multiple cars could mean even more savings.
Stick with your company
Staying with the same company each year may qualify you for loyalty discounts, but you need to be sure that your insurance company will be around for years to come. Research the company with the Better Business Bureau or your state department of insurance to ensure it is in good standing.