Saving Big On Homeowners Insurance: Advice From The ExpertsArticle Posted by Expert Author: Carly Jorge on 09/19/2013
It seems that these days, everyone is tightening their belts. Indeed, saving as much money as possible has become a habit for many families in this country. But among all of the things that money can be saved on, few think there is anything that can be done about saving money on their homeowners insurance. The good news is that there is more than one thing you can do to save money.
Your Policy And Your Needs
You may never have thought that reviewing your homeowners insurance policy was a part of your yearly home maintenance. But not doing so could actually cost you a lot more in the long run, especially considering that the number and frequency of natural disasters that have recently occurred will bump premiums to over a thousand dollars for many homeowners.
Looking at your coverage needs is the first way to save money. But instead of concentrating on the things inside your home and other aspects like living expenses, consider how much coverage you have for your house itself. When considering house coverage, getting the replacement costs for your area will be a big help. Taking note of exclusions on your policy will help you to point out the weak spots in your coverage and cover them with endorsements which can save you money if the time comes to correct a mold problem or fix broken pipes.
Revisit Your Deductible
Your deductible may have changed since last year, thanks to the transition of many insurance companies from dollar amounts to percentages. So recheck your policy to see how much of a deductible you will currently have to pay before help kicks in.
One way to save money on your homeowners insurance is to boost your deductible. Even by increasing your deductible from $500 to $1000 can save you as much as twenty percent on your premiums. If you have enough money stowed away for emergencies, you may even be able to take advantage of your insurance company's much higher deductibles, which can save you even more.
Bundle Your Coverage
The easiest way to save money on your homeowners insurance policy may be to get multi-line discounts. This means having your homeowners insurance with the same company as your vehicle and other insurance is with. Most insurance companies will give you a discount on your homeowners insurance when you also purchase vehicle or health insurance.
Another way to save on homeowners insurance is by making additions which improve the security of your property. Items like a monitored security system, motion sensor lights and new locks on windows and doors can make you look like much less of a risk to your insurance company. And plus, the money you save on monthly premiums can mean that your security system doesn't have to come completely out of your pocket.
Employer Deals And Membership Discounts
If you are covered by insurance from your employer, you may be able to have your premiums reduced. Sometimes, insurance companies will offer discounts to certain employers. As well, if you are a member of an organization such as the National Military Family Association, you may also be able to get your insurance for less.
It Never Hurts To Ask
Believe it or not, you may be missing out on big savings for your homeowners insurance by not talking to your agent. Asking them whether or not there are any ways to save on the cost of your coverage may result in more than a few ways you can spend less on your insurance.
A useful resource like http://www.homeownersinsurancegeek.com/ can help you with this annual task by helping you ask the right questions, including issues such as remodeling or adding on, which can increase your coverage needs.
Article citation: http://money.cnn.com
Article Posted In: Useful Tips Homeowners Insurance
Categories: Homeowners Insurance, Finding Discounts, Useful Tips, Home Owners Insurance by City, News,