Homeowners insurance provides the coverage you need to ensure you are protected against some of life's unexpected expenses. However, the cost varies depending on your coverage and several other factors. If you are looking to save money on homeowners insurance, there are several things you can do. Use the following guide to help reduce your homeowners insurance premiums.
The cost of your insurance will change depending on the amount of your deductible. If you have a low deductible, you won't pay as much out of pocket when disaster hits, but your premiums may be higher. Determine how much you can afford to pay out of pocket in the event of theft or accidents, and then choose a deductible based on that amount. The higher your deductible is, the more savings you might be able to get on your policy.
Part of covering your home is protecting it from theft. Insurance companies take a risk that you won't become the victim of a burglary when you purchase a policy, but they may determine the cost of your coverage by the crime rate in the neighborhood and how secure your home is. Some companies may offer discounts if you add an alarm system, camera system, or a perimeter fence with a lock. Remember, however, that adding a dog for security might not always be the best option -- some companies may charge more or even void your policy if you own a vicious or banned breed of dog.
If you have insurance policies with multiple carriers, it might be time to consolidate your coverage with one company. Some carriers provide multi-line discounts if you insure your car and home with them. You may even be able to get more of a discount if you have life, home, and auto coverage with the same company. Ask each insurance carrier about multi-line discounts, and then use this information to determine which company you want providing all of your coverage.
Review Your Coverage
Sometimes you can make simple changes to your coverage to save money. For example, you might have previously insured jewelry or fur coats that you no longer own. If you were paying extra to cover them, you might be able to lower your payments by removing them from the policy. You might also find that your home is insured for more than you need it to be. Look over all of the details in your policy with your agent to determine if there are any money-saving changes you can make.
For more information, you can contact companies like Accurate Insurance Services.
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.