If you own a home, you’ll know that home insurance is a recurring expense. However, that doesn’t mean you should avoid purchasing or renewing your home insurance plan. Given that your home is likely to be the biggest investment you’ve made to date, it’s important to protect it by having an active home insurance policy at all times. That said, we don’t believe you should overpay for your insurance plan. Here are some ways through which you can save a lot of money on home insurance.
- Shop around: Don’t sign up for the first policy you come across. Premiums can vary quite a bit from one insurance company to the other. This is why it’s important to get several quotes from different insurance companies. The only downside to doing this is that it can be quite time-consuming. However, you’ll realize this is a small price to pay, given how much you can save by doing this.
- Opt for a higher deductible: Your deductible is a certain sum of money that you’ll need to pay out of your pocket if you file a claim. The insurance company’s coverage will only kick in after you’ve paid the deductible. So, if you rarely raise claims and have enough savings in your bank account to cover the deductible at the time of raising a claim, consider increasing your deductible. This will help you save a good amount of money.
- Work on improving your credit score: In most states, your credit score is likely to have an impact on your insurance premium. So, if your credit score isn’t in the best shape, it’s a good idea to start taking the required steps to improve your score.
- Bundle your insurance plans: Did you know buying multiple types of insurance plans from the same insurance company could help you get a discount on the premium? So, if you need auto insurance or life insurance, make sure to check whether the same company also offers these plans.
- Ask about discounts: Home insurance companies offer their customers discounts, and you might just qualify for some of them. A few common discounts that insurers offer are the claims-free discount, age discount, gated community discount, nonsmoker discount, etc.
These simple tips could help make your home insurance policy a whole lot cheaper!
