Here are some ways you may be able to save money on your Homeowners Insurance:

  1. Raise your deductible - the higher your deductible, the more money you can save on your premium.  The standard deductible is generally $500.  You will have to pay your deductible before the insurance company pays for any claim, so if you can afford to put more money out at the time of a claim, it will save you money.
  2. Buy your homeowners and Auto Insurance policies with the same carrier - Known as "bundling", carriers will give a discount on BOTH policies.  And is you have any other insurance policies, ask if they can be bundled too.
  3. Ask about discounts for home security systems - Discounts up to 10% are available for centrally monitored burglar and fire alarm systems. 
  4. Stay with the same insurer - You may be receiving a "long-term" policyholder renewal discount.  It is a good idea to periodically shop around to compare your premium with other carriers.  If you go through an independent agent, your agent should be able to easily get comparisons for you.

Some other important considerations:

  • If you're looking to save money on your homeowners insurance, make sure you do not skimp on the coverage limits!  Your dwelling limit should be enough to completely rebuild your home if disaster strikes! 
  • Make sure your policy includes replacement cost coverage (for both the dwelling AND contents). 
  • And be sure to talk to your agent about special coverage needs, like jewelry, coverage for finished basements, utility service lines, and any other special needs.

 

Posted 5:42 PM

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