homeowner’s insurance isn’t usually a place that we look at first when we are trying to save money. But if you are trying to safe some money there are a few things you can do to trim some dollars off your homeowner’s policy.
Shopping around a little can lead you to some unexpected savings. 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 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.
Insufficient coverage takes 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.
An umbrella policy is also a good way to save some money. You may be able to save as much as 30% when you combine auto and homeowner’s 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. You can also do some shopping around.
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.