Saving money during these tough financial times is critical. Here are the top 5 ways to save money on your homeowners insurance.
1. Increase your deductible
Your deductible is the amount of money you must pay for claims before your insurer will pay. Increasing your deductible from $500 to $1,000 will save you 15-25% on your premium. Increasing it to $2500 will save you up to 35%. Raising your deductible also prevents you from filing too many claims, which can cause your insurer to increase your premium or cancel your policy.
2. Consolidate your policies
Buying your auto and home insurance policies from the same company can save you up to 30% on your premium. An added benefit is that you only have one agent and one company to deal with.
3. Install security and protection devices
Installing security devices like smoke detectors and fire alarms, and security devices like deadbolts and burglar alarms will save you between 5% and 20% on your premium. Not only will you save money, but you’ll also have peace of mind knowing you’re safe and secure.
4. Ask for discounts
Insurance companies don’t always tell you about all the discounts they offer, so ask your insurer about all the discounts you qualify for and include them in your policy.
5. Compare rates
The best way to save money on your homeowners policy is to get quotes from different companies and compare their rates. If you visit an insurance comparison website, you can get quotes from numerous A-rated companies, all in one place. It is fast, easy and free. Premiums for the same policy can vary by hundreds of dollars from one insurance company to another, so it may be worth taking a few minutes to compare quotes.
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