Homeowner’s insurance prices can vary from company to company. Since your home and your personal belongings are likely the largest investment you will make you want to make sure they are protected with the right insurance. Here are six simple tips to make sure you have the right insurance you need and to save you money along the way.
- Review Your Policy Annually
- Shop Around
- Establish a Relationship
- Raise Your Deductible
- Check Out Discounts
Review Your Policy Annually
You will want to start by making sure you review your insurance coverage annually. Your life changes daily and the coverage you needed a year ago might not be the same coverage you need today. Family sizes change, the value of the possessions in your home change, and what you want covered changes. By reviewing annually you can make sure everything you need to cover is covered and that you aren’t paying for coverage you don’t need.
Coverage prices and amounts change from company to company and you could lose hundreds if you don’t shop around. Always get a quote from at least three companies and always take the time to research the company’s reputation to make sure if you need to use the insurance you won’t have problems.
Establish a Relationship
While shopping around will always save you money, once you pick a company stick with it. Yes you will want to always review the policy, but you may get discounts by staying with a company for a long period of time. Jumping from company to company will not allow you take advantage of long term discounts.
Raise Your Deductible
Make sure before you raise your deductible that you are prepared to pay that deductible if you need to use it. Premiums go down with higher deductibles and go up with lower. So alter this based on whether you would pay more today or more if you need to take advantage of the insurance.
Check Out Discounts
Look at what discounts the insurer offers. Sometimes you can get a discount for having a home security system, other times you can get one for having a deadbolt on your door. Either way you won’t get any discounts if you don’t look into what is available. Sometimes you can save more money by installing something in your home that you didn’t have before just to take advantage of the discounts.
Finally, there is always savings in bundling. Using the same company for all your insurance needs can offer huge discounts. If you need homeowners insurance, auto insurance, renters insurance, or even insurance for your recreational vehicle, you can bundle them all together with the same company. You don’t have to need all these insurance types, but even bundling two can save money. This will also make it easier to pay your bill when you only have to pay one insurance company instead of multiple ones.