Over the past few weeks we have been providing tips and tricks for saving on auto insurance.   So this week we thought we would provide the top ways you can save money on your home insurance.

1. Ask for discounts

The quickest way to save money on your home insurance is to take advantage of the discounts available to you.   For example you may be able to add the following discounts to your policy:

  • Multi-policy discounts
  • Senior citizen discounts
  • Nonsmoker discounts
  • Claim-free discounts
  • Marital status discounts

Every insurance company offers different discounts, so we recommend working with an independent insurance agent to find out the what discounts are available to you.

2. Install security features

In 2009, burglary victims (in all structures, including homes) lost an estimated $4.6 billion to property damage and theft, according to the FBI.
Your insurance provider may offer discounts if you install safety features. For example, security features like deadbolts, fire extinguishers, and security alarms can add discounts anywhere from 5 percent to 20 percent.
3. Raise your deductible

Raising your deductible is one surefire way to lower your monthly homeowners insurance premium.  If you can afford to go slightly more out of pocket in the event of a claim, then you could potentially save another 10 to 15 percent.

4. Disaster-proof your property

Adding stronger weather-resistant features to your home like storm shutters or better roofing material can lead to dramatic savings on your insurance premiums, especially in areas that are prone to disasters like high winds or flooding.

5. Review your insurance policy

We recommend reviewing your insurance policy every year to ensure that you not only have the right insurance coverage, but that you also aren’t purchasing unnecessary coverage as well.

6. Double check your property limits

This may sound obvious, but if you paid $200,000 for your house, you don’t need to have $200,000 worth of coverage, because part of the purchase price included the lot your house sits on. You should carry insurance coverage equal to the cost of rebuilding the structure.

7. Inventory your possessions 

Understanding the right limit to use for your stuff can save you money on premiums and help you tremendously in the event of a claim.

Final Note
While it’s always nice to save money on your insurance, we don’t ever recommend purchasing liability and property limits  at lower amounts than what will sufficiently protect you and your family.   It’s never a good idea to put your personal assets in jeopardy to save $50 on your premiums.

If you would like to see where you can save more on your insurance premiums, or if you would like some insurance quotes on your home, please don’t hesitate to give us a call.