How can you save on homeowner’s insurance? Perhaps the better question is: how can’t you save on homeowner’s insurance?
The bottom line is that you should be paying the most competitive prices for homeowner’s insurance and, if you’re not, then you probably haven’t taken the time to thoroughly review your policy and explore all of the discounts that are available to you.
Get Several Quotes
It certainly comes as no surprise to most homeowners that rates can vary widely between insurance companies, so never, ever sign up for a homeowner’s insurance policy without first comparing the competition.
Make it a point to get quotes from at least three different insurance companies so you can get a good idea of the differences in rates between companies.
Remember Replacement Values
Something to consider before deciding on a homeowner’s insurance policy is the policy amount. Your policy should include language that would cover the replacement cost of your home so that, in the event of a total loss, the policy would cover the cost to replace the home, not merely compensate you for the cost of the home according to when it was built.
This is a very important point to pay close attention to, as many homeowners assume that they have replacement cost in their policy, when in fact they do not. And, unfortunately, they do not find out until they are caught in a situation where their home was badly damaged or destroyed.
Auto plus Home Discounts
Consider getting a quote from your auto insurance company for homeowner’s insurance, as many companies offer discounts if you carry both your auto and homeowner’ insurance through them. Sometimes the discounts can be as much as 10 percent, so make it a point to approach your current insurer for a quote on homeowner’s insurance.
Raise your Deductible
If, even after you checked out a few companies and compared quotes, you find that the premium amounts are too steep, consider raising your deductible. Often times, simply raising your deductible by $1,000 can offer you great discounts on your monthly premiums.
Upgrading your Home’s Security
Finally, consider making upgrades to your home to save on your homeowner’s insurance. Consider installing deadbolts, smoke detectors and a home security system so you can increase your home’s security and safety while saving on your monthly premiums.
