Home > Ways to Save
There are a number of ways to lower your
home insurance. Here are some things to
think about:
-
Shop
around.
Check with a number of different
companies and compare quotes. Ask your
friends and family what they think of
their insurers.
-
Consider
higher deductibles.
A
deductible is the amount of money you
will have to pay before your insurance
company starts chipping in. The higher
your deductible, the lower premium you
will pay each month. Increasing your
deductible to $500 can save you up to 12
percent on your premiums.
Select a premium you can afford, then
immediately put aside that money in a
savings account.
-
Purchase
your auto and home insurance from the
same company.
Most companies will give you a discount
for purchasing multiple policies with
them.
-
When
buying, think about insurance.
When purchasing a home, think about the
insurance rates you can expect to pay.
Newer homes will be in a better
condition, and so your premiums will
most likely be lower.
Also consider your location and what
kind of natural dangers could potential
affect you. Make sure you are adequately
covered.
-
Don't
insure your land.
While your home and its contents are at
risk from disasters, the land they sit
on is not. Do not include the value of
your land in calculating how much
insurance you need.
-
Improve
security.
Deadbolts, alarms, and smoke detectors
will often make you eligible for
discounts of 5% per item, depending on
the insurance company. There may be a
significant discount for an advanced
home-security system. Check with your
insurance company to find out which
security systems qualify for the
discount.
-
Don't smoke.
Some insurance companies will offer a
discount if no one in the home smokes
due to the number of fires caused by
cigarettes.
-
Group
insurance and corporate discounts.
You may be eligible for savings for
belonging to a trade or professional
association, or through your employment
benefits package.
-
Find out
about senior discounts.
People over 55 that are retired can
qualify for up to 10% savings on
premiums. This is because insurance
companies have found that people staying
at home can spot fires sooner than
working people. They also have more time
to maintain their homes.
-
Stay with
your insurer.
Keeping coverage with one company for a
number of years can make you eligible
for special discounts. Some insurers
will reduce your premiums by 5% after
three to five years, and as much as 10%
after six years.
-
Review your policy every year.
Your policy should reflect the value of
your home and belongings. If you just
sold or acquired valuable items, you
need to make sure that your policy
covers the higher amount, or you can
reduce the policy to save money.
