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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.
Distracted driving is quickly becoming one of the most dangerous hazards on the road, especially among teenage drivers. With auto insurance rates already high for these young drivers, it’s important that you try and avoid any potential insurance claims.
Chubb Insurance just released an article that highlights some of the available technologies to help your teen drivers avoid distracted driving and stay safe on the road. Some of the apps actually put a lock on the texting function while driving, while others monitor the driving behavior.
Here are some of the apps listed within the article:
DriveMode: This is a free app for Android and Blackberry users that actually responds to all incoming texts with a short message that the recipient is driving and will respond to them soon.
Canary: Canary is an app for both the iPhone and Android that allows parents to monitor their child’s cell phone usage in real time while driving. It records the times the cell phone is used and actually notifies parents if the child attempts to disable it.
TextBuster: Is a hardware device you actually install in your car the temporarily disables text messaging, email, and internet access while the driver is in the vehicle. It does, however, allow the phone to still make and receive phone calls and use the GPS.
iGuardian Teen: This is an Android app that actually shows parents what their child is doing in the car. It monitors driving speeds, distance traveled, and phone usage.
If you are in the Denver Metro or Arvada area and you are interest in how using these apps will help you qualify for insurance discounts, please give our office a call.
The Holste Agency can help you find Denver Metro home insurance quotes. As an independent insurance agent, we have access to over fifty different insurance companies that will provide you with aggressive money-saving quotes on your home. We will work closely with you to ensure you have the proper insurance coverage while still helping you take advantage of all the available insurance discounts.
For a free money-saving home insurance quote, please contact our office to find out more.