When we are looking for ways to save a few dollars, our homeowner’s insurance isn’t usually a place that we look into first. But there are a few simple things you can do to save money on your homeowner’s insurance policy.
Sometime people become complacent when it comes to homeowner’s insurance. In many cases the insurance premium is paid along with the mortgage payment so it’s easy to overlook. But it may be a good idea to shop around every once in a while. In many cases, people find that they can find better prices if they just take the time to look around. A good place to start is to check rate comparison, which many states publish online. There are also other resources online where you can shop for insurance at your leisure.
One way to save proactively is to make sure you’re not underinsured. Insufficient coverage takes money out of your pocket if you file a claim. It’s a good idea to ask your insurer for a customized estimate of your home’s replacement cost. This will protect you against a possible surge in the price of materials that can follow a natural disaster.
Another easy way to save on insurance is to combine your auto and home insurance under the same carrier. You may be able to save as much as 30% when you combine insurance with the same company. Check with each of your carriers to see what savings they can offer by consolidating your insurance needs with the best one.
If you want to save money on your premiums, consider raising your deductible. Most people have a $500 deductible on their standard homeowner’s policy. In most cases you can enjoy significant savings by increasing your deductible to $1000. Of course, you should remember that you will have to come up with $1000, instead of $500 when you file a claim.
Ask your agent about these and other possible ways you can save on your insurance.