Homeowners insurance is not an area people think about saving money, especially when the premium is part of your monthly payment. With today’s economy your insurance costs should be one of the many expenses that you review. There is a good possibility that you can reduce your premiums without sacrificing your coverage’s.
Homeowner’s insurance companies offer many different discounts. They give discounts if you decrease your risk of having a claim. For example, they will give a discount to your premium if you install a burglar alarm or deadbolt locks.
Another area that is overlooked to reduce premiums is a multi-policy discount if you insure your autos, boat, or life insurance with the same insurance company that insures your home. In many instances the savings can sometimes pay for the additional insurance coverage.
The deductible on an insurance policy is the amount of money that you have to pay before the insurance company pays a claim. The amount of the deductible also affects the premium of the policy. A lower deductible on a policy causes a higher insurance premium. It is worth considering increasing your deductible to cut your premium costs. Of course, make sure you can come up with the deductible if you file a claim.
Insurance companies are always changing their rates, and rates are different between insurance companies. Independent agencies like Theodore & Associates have many companies to shop to get competitive rates. Make sure your independent agent is shopping your coverage. If you are insured with an agent that only has one insurance company and you haven’t shopped around and compared rates lately, you may be paying more than you need to for your coverage. You could save a lot of money by comparative shopping.
Life changes over time as does your needs for insurance. You have probably added more stuff since you initially purchased your homeowners policy. Things like computers, stereo and home entertainment systems, clothes and furniture seem to add a lot of value to the contents of your home without you realizing it. You need to contact your agent and make sure you are adequately covered. This may not save you premium but you wouldn’t want to find out too late that something isn’t covered.
If you have made any major home improvements you need to make sure they are covered as well. If these improvements include updated electrical, plumbing or roofing, you may qualify for more premium discounts.