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6 Tips for Saving Money on Homeowners Insurance

Ad This article is brought to you by CastleLine Risk and Insurance Services, LLC, a licensed insurance brokerage affiliate of Owners.com.

Insurance is a necessary cost, but why pay more for it than you have to? Saving money on homeowners insurance can leave room in your budget, allowing you to build your savings or make other home-related purchases. Here are six tips to help you find the best policy at the right price.

“There are a lot of expenses when it comes to buying and maintaining a home, and finding ways to cut costs early on can only help you in the long run,” said Justin Vedder, Vice President at CastleLine Risk and Insurance. “Home insurance is a necessary expense, but there are ways to save money by being knowledgeable about what you may need and your options.”

1. Get Multiple Price Quotes

Shopping around for insurance allows you to compare the costs of different policies. In today’s marketplace, obtaining multiple quotes is relatively easy, as many insurers allow you to request a price over the internet. After you’ve compared multiple prices, make sure you understand the fine print before signing up for coverage. And remember, policies with the lowest price don’t necessarily provide the best coverage to meet your individual needs.

2. Ask for a Multiplan Discount

If you already have an auto or life insurance policy, your current agent may be your best option for a new homeowners policy. Many insurance companies offer multiplan discounts. Other offers, such as loyalty discounts, also give established customers opportunities to save money on homeowners insurance.

3. Upgrade and Modernize

New advances in building materials allow you to etter protect your home from disasters. In turn, these upgrades may help you cut the cost of your homeowners insurance. If you’re thinking about a renovation, ask your agent if the renovations you’re considering, such as new roof shingles, would help you get a discount. If you live in a flood-, earthquake- or hurricane-prone area, your home may have built-in features for added protection. If this isn’t the case, check out state-run programs like Earthquake Brace + Bolt for California or the Florida Department of Business and Professional Education for resources on ways to retrofit your home to prevent earthquake or hurricane damage.

4. Don’t Overinsure

Another way to cut your costs is to make sure you’re not overinsuring. Check out Know Your Stuff, and complete a home inventory to ensure you know what you own and the true replacement cost of your items. You don’t want to carry insurance on $500,000 worth of property when the value of your home and its contents is closer to $300,000.

5. Increase Deductibles

Increasing your deductible is another way to lower your homeowners insurance. The Insurance Information Institute estimates boosting your deductible from $500 to $1,000 may save up to 25 percent off the cost of a policy. However, you’ll be asked to pay more out-of-pocket in the event of a loss. If you feel comfortable taking on this risk, you may want to ask your agent for the difference in policy costs.

6. Make Your Home Safer

According to National General Insurance, even something as simple as a deadbolt makes your home safer and may lower your insurance costs. Installing a security system is another well-known safeguard that can result in an insurance discount. According to the FBI Uniform Crime Reporting’s most recent crime statistics report, the average value loss in a burglary is just over $2,300. To help manage this particular risk, monitored security systems can alert homeowners to possible issues like break-ins, smoke or fire when they are away from home.

The information contained herein is not an offer to sell or a solicitation to buy any insurance product. No insurance product is offered or will be sold in any jurisdiction in which such offer or solicitation, purchase or sale would be unlawful under the insurance or other laws of such jurisdiction. Some products and services may not be available in all jurisdictions. The information contained herein is provided for general marketing purposes only. For terms and conditions of coverage, please refer to the specific insurance policy.

The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of Owners.com, Altisource or any other Altisource® business or entity. The foregoing content is not intended to constitute, and in fact does not constitute, financial, investment, tax or legal advice by the author, Owners.com, Altisource or any other business or entity.

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