The best thing you can do in order to ensure that you”re getting a good deal on home insurance is to shop around a bit. Even though it make take a significant amount of time and be a bit taxing, comparing coverage plans, premium costs and customer feedback is essential to saving money when you”re shopping for home insurance.
As with most other insurances, raising your deductible will lower the amount you pay for your monthly premium. According to smartmoney.com, increasing your home insurance deductible from $250 to $500 could save up to 15 percent on your monthly premium. Increasing your deductible to $1,000 can save you up to 25 percent on your monthly premium.
It might sound a bit silly, but never forget that home insurance is specifically for your home. It”s not “lot insurance” or “land insurance.” If you only consider the value of your home when buying home insurance, and not the value of your home with the value of the land it”s on, you should be able to save a large amount on your monthly premium.
Ask your insurance provider if it is possible to bundle insurance services together. Several insurance providers will offer discounts if you obtain home, auto and life insurance policies with them, and you will likely be able to save a percentage of your monthly premium by bundling. However, you will always want to make sure that this option is cheaper than buying individual coverages and insurance plans from separate insurance companies.
You should also check to see if your home insurance provider offers a loyalty discount. Sticking with a particular insurance company might be able to save you ten percent or more off of your monthly premium rate. From time to time, you”ll want to check and see if other insurance companies offer better loyalty discounts or if it would be cheaper to switch to a different company entirely.
Upgrading your home with security and anti-disaster measures will also help to reduce your home insurance costs. Depending on where you live, you can receive insurance discounts for installing earthquake-proofing, storm shutters, burglar alarms, sprinkler systems and even new plumbing and electrical systems.
Like with all other insurances, keeping a good credit record is also an easy way to ensure that you”ll be paying a lower home insurance premium.
Finally, be sure to keep your paperwork up to date. You might be eligible for a discount if you”ve recently been married or have retired, and if some of your household items have declined in value, you can reduce your floater cost and save money.