If you’re looking to save money, your homeowner’s insurance policy can be a good place to look. There are a few things you can do to trim some dollars off your homeowner’s policy. Try some of these things and see how much you can save.
You might be able to reap some unexpected savings by just shopping around. Sometimes 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 becomes easy to overlook. But If they take the time to review, people find that there are 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.
Your coverage may be insufficient and can take money out of your pocket if you file a claim, so it’s a good idea to make sure you’re not underinsured. 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.
You may be able to save as much as 30% with an umbrella policy. When you combine auto and homeowner’s insurance with the same company you can save money. Check with each of your carriers to see what savings they can offer by consolidating your insurance needs with the best one. You can also do some shopping around.
Raising your deductible is one of the quickest ways to save. 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.
For more ways of saving money, ask your agent.