We live in a day and age where it seems like everything is rising in cost. Gasoline has exceeded what many of us thought it would be by this point, milk costs just as much as a gallon of gasoline in many cases, and food costs are even rising. That means we have to cut corners wherever we can to make sure we can make ends meet. Sometimes that even means cutting costs in areas such as home insurance.
But how does one cut their home insurance costs? The insurance company is the one that sets that up, right? There's no way that the insurance company could have let any type of savings pass us by…or could they? The truth is that they could and it isn't always intentional. There are so many ways to save on home insurance, but they are doing their jobs by making sure that they are insuring you. When it comes to saving money, they will help you where they know they can if they think about it. Sometimes it is just necessary that you know where you can save money and then bring it up to them on your own. Believe it or not, that can save both of you time.
How to save
Here are ways that you can cut your home insurance costs:
1. You can always get a multi-line discount. If you carry more than one type of insurance through your provider, you can ask them about a discount. An example is when you carry auto insurance and/or life insurance through the same provider. Sometimes savings can be around 10%.
2. Some insurance companies offer discounts for you allowing them to automatically deduct your payment from your bank account each month.
3. You can always raise your deductible. If you have a $500 deductible, raise it to $1,000. Just make sure you don't raise it higher than what you can afford in case you need to pay that deductible later on.
4. Let your insurance provider know when you make repairs to your home. A safer home leads to lower premiums, so this is something to let them know.
5. You need to look over your policy every year. The reason is because your policy may cover certain belongings. If there is something you don't own anymore, you don't want to pay insurance on it.
6. You can always contact your state's insurance department to ask them what they believe you can do to save money. They can even tell you which insurance companies you can avoid.
7. If you have to, you can ask the insurance company for information on all of the discounts that they offer. They should be able to gather up that information for you.
8. If you find that your insurance company is stingy on the discounts, you can always shop for a new provider who will offer you any or all of the previously listed methods to save money on your home insurance.
All you have to do is ask
It is easy to see that there are great ways for you to save money on your home insurance. Sometimes all you have to do is ask. Your provider doesn't want to lose your business, so they will do what they can to inform you of what discounts are available to you. If a discount is the difference between them retaining you as a customer and you going somewhere else for coverage, then they are going to make sure they don't experience a 100% loss by losing you. If the loss of a discount is all they're going to lose, then that becomes worth it for both of you.
Average Cost Of Home Insurance
Other threats of course come from people in the form of arson or vandalism caused when a burglar doesn't find what they are looking for, or sometimes even when they do. Insurance companies make agreements whereby they will pay out on your homeowner's insurance policy providing you have kept your premium payments up to date since it was set up.
The virtues of home insurance are many; from protecting the exterior or building proper to the likes of personal possessions, to utilitarian products like the freezer or washing machine that might break down. You will probably have a deductible to pay plus the plan probably has a maximum amount it will cover, so a standard policy insures the home itself and the things you keep in it.
The availability of Internet sites has meant that insurers can now provide homeowner's insurance to protect the home and contents directly. It doesn't take that long to visit a decent number of websites to obtain quotes from all of them and see what you can get from each for the monthly premium they are asking.
Whilst you compare the insurance quotes, which should help you to understand which policy will offer the best benefits, it is important to consider the flexibility of the policy rather than be tempted merely by a low premium. Mortgage lenders are also quick to stipulate that a house must have homeowners insurance as a guarantee that they will be covered in the advent of a large claim.
Although monthly premiums may be an issue, it is quite common for discounts to be available for people starting a plan with a new insurer. You may also consider raising your deductible as the difference in premium cost between a 500 and a 1,000 dollar deductible can be considerable.
Replacing personal and household possessions requires a policy that will pay for new replacements and not pay out on the original cost of the products. No-one wants to visit all the bargain shops and garage sales to try and replace possessions lost in a fire or burglary because they didn't have a Replacement Value policy.
Your home probably cost a great deal as did your personal possessions inside and the sentimental value should not be overlooked either. Your homeowners insurance should ideally protect every part of your home, in fact everything you care about not just items with monetary value. Do not forget coverage for third party suits as well.
Both Amy Nutt & Kay Brown are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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