Your home is more than likely your largest investment (though not all agree); while home insurance is not necessarily mandatory, is it really worth risking everything you’ve worked for and everything you own just to save a few dollars in the moment?
You probably answered no.
While the cost of home insurance, in the opinions of many, is well worth the protection it affords, that does not mean you need to be paying top dollar for it.
It goes without saying that you need to make sure you have the right coverage.
Here are 4 ways to save on home insurance, to help you save a few dollars now while still protecting your future.
Group Together Your Various Policies
You probably have multiple types of insurance in addition to your home insurance, such as auto insurance, health insurance, and life insurance.
A great way to save a few dollars on each of these is to bundle them together through the same company. Often, if you purchase multiple types of insurance through the same provider, they will offer you discounted rates.
Make Your Home Safer
The safer your home is, the less chance there is that anything will happen to your home that would result in an insurance claim, the cheaper your insurance will be.
Installing safety features such as alarm systems, sprinklers, and physical reinforcements of the structure will help lower the cost of your insurance policy because they will aid in reducing the risks your home faces.
Increase Your Deductibles
While you’re probably thinking, “I am trying to save money here, aren’t I?”, Increasing the amount of your deductible can have huge impacts on the cost of your insurance plan.
While increasing your deductible by a few hundred, or even a thousand dollars will cost you more in the event you need to file a claim, the savings it will give you on your monthly or yearly premium will usually more than make up for the extra deductible you may need to pay in the future.
Don’t Insure Your Land
Many homeowners also include the value of the land their home sits on in their insurance policies coverage. This increases your premiums but is really not necessary.
Land cannot be stolen, and, even in the event of a fire, or other threat, your land will remain intact.
There is no need to include the value of land in your replacement coverage, as it is only the house and belongings that will be replaced, not the land.
Removing the value of your land from your coverage will significantly decrease the replacement coverage portion of your policy, in turn reducing the premium you will be paying.
While there are many ways to do so, these 4 ways to save on home insurance make a great start.
Home insurance may seem like a costly addition to your already expensive house, but the protection it offers and the money it will save you in the event that you lose your home or belongings are well worth it.
Homeowners insurance is something that every homeowner should invest in. It will protect them against the risk of losing an even bigger investment: their home.