One of the most important insurance policies that you can have is your home insurance, mostly because this policy is responsible for rebuilding your home if it gets destroyed, repairing your home after a disaster, and even reimbursing you for any items that may be stolen during a break-in. Listed below are three tips you can follow that can save you money on your home insurance policy.
Secure Your Home
One of the easiest ways to save money on your home insurance policy is to simply find ways to secure your home. The easiest way to do this is to simply have a home security system installed. The more security that the system provides, the higher the discount your insurance is likely to give you.
As a result, consider installing a security system that will detect break-ins, fire, smoke, and water leaks. If you want an even larger discount, many insurance companies will provide a substantial discount if you install a security system that automatically contacts the appropriate emergency responders as soon as the alarm goes off
Stay With A Single Insurer As Long As Possible
Another tip that can save you money on your home insurance policy is to stay with a single insurer as long as possible. Sure, it may be tempting to jump from home insurance company to home insurance company in order to get the lowest rates at that time, but this can prevent you from getting access to some of the best discounts that a home insurance company can provide.
Many insurance companies will offer special pricing and discounts to those customers that have been with them for years at a time. In addition, if you have been with a single insurance company for several years and mentioned to the insurance company that you are looking for coverage from a different company, they may be willing to provide you with an even larger discount in order to keep your business because an established customer in good standing is a valuable commodity for them.
Boost Your Deductible
Finally, consider boosting your deductible in order to save some money on your home insurance policy. The deductible of your insurance policy is the amount that you have to pay before the insurance company is going to pay for any repairs or payout on a claim. The higher you raise the deductible the lower your monthly insurance premiums are going to be.
However, you will want to be extremely cautious about raising your deductible too high. The reason for this is that you need to make sure that you are able to pay that deductible in the event the damage occurs to your home, because the insurance company is not going to help you at all until you pay that deductible. As a result, if the deductible is too high, you could end up having to live with a damaged home until you can manage to save the money to pay that deductible.
Contact a local insurance agent today in order to discuss what discounts they can offer on your current home insurance policy and what you can do to qualify for even more discounts on your insurance policy. Securing your home, staying with a single insurer as long as possible, and boosting your deductible are all effective ways to lower your home insurance policy premiums and save yourself a bit of money.
For more information, contact local professionals like Lanham Insurance Agency.
After we purchased our first home, we realized that it might be a good idea to evaluate our insurance coverage. Although we had purchased homeowners insurance before, we had never owned a policy as large as the one we would need for our new place. Also, our new home had a trampoline and a swimming pool, which made us worried about liability. To iron out the details, I decided to meet with our insurance agent. We talked about things like monthly premiums, coverage limits, and deductibles, and it was incredible to learn more about the terminology. This blog is designed to help you with the same types of questions.