If you’re looking to reduce monthly costs, lowering your homeowner insurance policy is a good place to start. The first thing you will need to do is shop around. This takes time, but time is often free while insurance policies are not. It could also save you a great amount of money, if you just take a little time to do some research. Ask friends, check a phone book and call up the insurance companies yourself. Keep tabs on the prices you’re quoted at each company. You may be able to negotiate a lower price with one based off the quoted price of another.
Second, raising your deductible is another simple way to reduce your homeowner insurance policy’s monthly costs. A deductible is the amount of money you have to pay toward any loss you incur before the insurance company is required to pitch in on the remainder. The higher your deductible, the lower your monthly insurance payment generally is. Just be sure that you’re willing to make up for the extra cost, should you actually end up needing to make use of your policy.
Third, match up your home and auto policies with the same insurance company. Some companies that sell both homeowners and car insurance will give you a bit of a discount for choosing to purchase both policies through them.
A fourth tip to save money would be to beef up your home’s security system. You could save as much as 20 percent if your company cuts monthly premiums on the basis of installing a security system or deadbolt locks. Security systems can be expensive, though, so consider how much more installing one would cost over what you’d be saving through a company-offered discount before proceeding.
Fifth, pristine condition is how you should keep your credit record. Homeowner insurance costs will often be lowered by strong credit histories. This could work in your favor if you’ve been a responsible spender for years.
Sixth, sometimes you can get a discount just by staying with the same insurer for a specified period of time. Rewarding their customers for loyalty is how companies view this. You don’t even have to do anything to reap the benefits in this case. No matter how you look at it, that’s certainly a price you can’t beat.
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Author: Adam CibochThis author has published 18 articles so far. More info about the author is coming soon.