You pay for it diligently and hope you never need to use it. It’s your homeowners insurance, and depending on where you live, the cost of your premium could be one of your biggest monthly expenses. Luckily, there are ways to keep your property and possessions protected while saving on that costly premium. But before you look into slashing prices left and right, keep in mind that you’re insuring the things that matter most in your life.
Never sacrifice on coverage or protection. Instead, keep these smarter money saving tips in mind:
Security Features Equal Big Savings
Homeowners insurance companies pay out billions of dollars every year to victims of burglary, fire, and other disasters. It stands to reason that they’d reward homeowners who go out of their way to install security features with lower premiums. And they do – up to 25% off in some cases. Fire extinguishers, smoke alarms, carbon monoxide detectors, deadbolt locks and safety glass windows will all usually add up to some form of discount. However, to really save in the long run, look into advanced security like alarm systems that automatically contact the police department or fire protection systems with early warnings and sprinkler systems.
A Higher Deductable Means Lower Premiums
One of the easiest ways to lower your monthly insurance premiums is to increase the deductible amount that you’re willing to pay in case of theft, fire or other emergency. In fact, increasing your deductible by as little as $500 or $1000 can subtract as much as 35% from your monthly premium. It’s a difference that pays for itself within the first couple of months of lowered payments.
Don’t Be Afraid to Ask About Discounts
Too often, families accept the first homeowners insurance policy quote that comes their way without question. There are literally dozens of discounts, big and small, to be had. Often, the only way to tap into these is to do a little research beforehand and then specifically ask about them when signing up for or renewing your policy. Among those with the biggest financial impact are often multi-policy discounts, senior citizen discounts and claim-free discounts, but look into all the ones that apply to your family, and don’t be afraid to shop around before settling on a company. In fact, it’s probably a good idea to review your policy every year and make sure you can’t get a better deal from a different carrier. (Or even from the same company, now that you’ve been with them a year longer.)
Another simple tip is to review your policy to make sure you’re not paying for things you no longer need. If, for example, you were paying more to insure expensive jewelry or a large dog, and have since sold your pearls or Rex has passed away, you can adjust your policy accordingly.
Keep an Inventory
You’re paying a lot of money every month to keep your belongings protected. But no insurance company is going to replace the things you can’t prove you have. Take pictures of your most important belongings and keep them on file with your insurance company. Another good idea is to grab a video camera or smart phone and walk around your house, recording your furniture, clothing, jewelry, the inside of your cabinets – everything. Then store the video on an online cloud storage service that can be accessed remotely, even if your home computers or cell phone should be destroyed or stolen.
Never sacrifice on coverage or protection. Instead, keep these smarter money saving tips in mind:
Security Features Equal Big Savings
Homeowners insurance companies pay out billions of dollars every year to victims of burglary, fire, and other disasters. It stands to reason that they’d reward homeowners who go out of their way to install security features with lower premiums. And they do – up to 25% off in some cases. Fire extinguishers, smoke alarms, carbon monoxide detectors, deadbolt locks and safety glass windows will all usually add up to some form of discount. However, to really save in the long run, look into advanced security like alarm systems that automatically contact the police department or fire protection systems with early warnings and sprinkler systems.
A Higher Deductable Means Lower Premiums
One of the easiest ways to lower your monthly insurance premiums is to increase the deductible amount that you’re willing to pay in case of theft, fire or other emergency. In fact, increasing your deductible by as little as $500 or $1000 can subtract as much as 35% from your monthly premium. It’s a difference that pays for itself within the first couple of months of lowered payments.
Don’t Be Afraid to Ask About Discounts
Too often, families accept the first homeowners insurance policy quote that comes their way without question. There are literally dozens of discounts, big and small, to be had. Often, the only way to tap into these is to do a little research beforehand and then specifically ask about them when signing up for or renewing your policy. Among those with the biggest financial impact are often multi-policy discounts, senior citizen discounts and claim-free discounts, but look into all the ones that apply to your family, and don’t be afraid to shop around before settling on a company. In fact, it’s probably a good idea to review your policy every year and make sure you can’t get a better deal from a different carrier. (Or even from the same company, now that you’ve been with them a year longer.)
Another simple tip is to review your policy to make sure you’re not paying for things you no longer need. If, for example, you were paying more to insure expensive jewelry or a large dog, and have since sold your pearls or Rex has passed away, you can adjust your policy accordingly.
Keep an Inventory
You’re paying a lot of money every month to keep your belongings protected. But no insurance company is going to replace the things you can’t prove you have. Take pictures of your most important belongings and keep them on file with your insurance company. Another good idea is to grab a video camera or smart phone and walk around your house, recording your furniture, clothing, jewelry, the inside of your cabinets – everything. Then store the video on an online cloud storage service that can be accessed remotely, even if your home computers or cell phone should be destroyed or stolen.
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