Buying a home is the biggest purchase you’re likely to make in your entire life. As such, it’s only right that you should have insurance that fits the house you own. However, many people find that their homeowner’s insurance is significantly higher than they need it to be, once they look at the fine print.
So, how can you get the best deal on your homeowner’s insurance? Well, as it turns out, saving money on your insurance is easier than you might have thought. Read on for our top tips.
The first step, of course, is comparison shopping. Whether you’re shopping online or getting quotes from insurance agents, you need to make sure you’ve got a good feel for what the normal rates are for insuring a house like yours. After all, some companies simply overcharge for insurance, while others could be offering steep discounts for your exact situation.
It never hurts to shop around and get an idea of what kind of money you should expect to be spending on your insurance.
Some insurers offer discounts for people who take steps to safeguard their homes against theft, fire, and similar incidents. For instance, if you have a home sprinkler system and your smoke detectors can call the fire department for you, you might get a discount on your homeowner’s insurance. This is because the risk that you lose your entire home or all of your belongings in a fire is much lower when you’re equipped with this technology.
Consult your insurer and see if there are any safeguards you could install in your home to get a discount on your insurance premiums. Once you know for certain that they offer such discounts, it’s easier to justify the expenses to make these upgrades to your home.
The lower your deductible, the higher your monthly premiums. Deductibles only come into play if you make an insurance claim, however, while you pay your premiums every month. If you can afford to pay a higher deductible and simply want to pay a lower monthly cost, you could consider raising your deductible with your insurer.
This works best for people who are financially secure enough to handle repair costs that fall under the deductible. If you can’t, then it’s not a good idea to bump your deductible up, as that would be more likely to cost you money than save you money.