It seems like we are all pinching pennies these days. If you’re looking to save money, then checking your homeowner’s insurance may be a good place to start. With very little time and effort, you may find yourself not only saving, but also getting better coverage and service than before.
Shop Around
To ensure the best price, service, and coverage it is recommended that you shop around, look at reviews, and get all the information you can.
Consider getting at least three to four quotes from different home insurance companies. Be sure to assess coverages, limits, and deductibles. A simple search online will bring up opportunities for quotes and comparisons of companies.
Always check out customer reviews and ratings before committing to an insurance company.
Do not make the mistake of sacrificing bare-minimum pricing for adequate protection or service. You want an insurer that will be quick to handle your claim and provide fair estimates for damages.
Insurers with high ratings tend to have the best service in dealing with claims and payouts. Whether they are accessible 24/7 is also an important item to consider. Lower-rated insurers tend to have more disputes with damage estimates and lower satisfaction with claim turnaround times.
To access reviews, comparables, and ratings, try visiting one of these links.
Look at Discounts
Many insurers offer discounts for behavior that lowers your risk. These might include shutter installation, burglar alarms, deadbolt locks, smoke detectors, and water safety systems.
It’s cheaper for insurance companies to service customers with two policies. They will often offer discounts up to 20% when homeowners link their auto and home insurance.
Insurers give better rates to those with good credit history. Work on boosting your credit score to increase your chances of a better rate.
Discounts may also be available to first time home buyers or certain groups of people like those in the military, or senior citizens.
Switch to a Higher Deductible
Remember there are options when it comes to deductibles (amount you pay out-of-pocket) and premiums (amount you pay for your policy each month). The higher your deductible, the lower your premiums and vice-versa. So, raising your deductible as high as you can reasonably afford helps to lower the cost of your premium.
Premiums can be reduced by upwards to 20% with a higher deductible however, raising your deductible higher is not always the best choice. If you are financially able and prepared to pay higher deductible funds, then raising your deductible rates could be the right choice for you. You will see a difference in your premium rates but, be aware that if you need to file multiple claims in a year your financial obligations may be higher overall. Multiple claims may also increase premium rates due to your higher liability for a claim. These are things to take into consideration.
Getting yourself the best coverage for the best price is a worthy goal. Taking the time to research, talk with an insurance agent, and make the necessary changes isn’t as consuming as one might think, and the benefits make it worth it.
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