8 Simple Ways to Save on Home Insurance

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Home insurance is a necessary part of being a homeowner, but that doesn’t mean it has to be expensive. There are plenty of ways to save on your home insurance premiums, and most of them are surprisingly simple.

By following the 8 simple ways to save on home insurance covered in this article, you can easily lower your home insurance costs without sacrificing coverage. So take a look at your policy and see where you can make some changes — you may be surprised at how much money you can save.

Below are some ways to save money on home insurance, which can help you save hundreds of dollars every year.

1. Get a higher deductible

If you’re uncertain about whether you want to increase your deductible, consider how much money you’re OK with spending on a situation where you might have to file a claim.
For example, if your deductible is $1,000 but you could afford an out-of-pocket expense of up to $2,500 (e.g., repairs to your home or lost items), it might be worth considering increasing your deductible to $2,500.

2. Bundle your insurance policies

You may have more than one insurance provider for your car, home, and life. For example, your auto insurance and life insurance might be from different companies.
Bundling your insurance policies by using the same company for all three products could be a good idea if you want to save money.
Most insurers will give you a multi-policy discount as a reward for sticking with them and they may not offer that discount if you don’t use them across all three of those different types of insurance products.


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3. Boost your credit score

In most states, insurers use a credit-based insurance score to calculate the cost of homeowners, renters and mobile home insurance.
California, Maryland and Massachusetts are three states where insurers are not permitted to use credit data.
A person with poor credit pays on average 76% more than someone with good credit in most states, because of this pricing model.
You can build your credit by maintaining a good payment history and keeping your credit utilization ratio under 30%.

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4. Save money by not dropping coverage

8 Simple Ways to Save on Home Insurance

Dropping coverage may seem like a good thing, but you never know when disaster will strike.
If you don’t have home insurance and disaster hits, you’ll be stuck paying for repairs and replacing lost items.
Before you buy home insurance, it’s important to understand what you’re insuring against.

Homeowners should communicate with their insurance agents or companies regularly to make sure they are always properly covered.
Not only that, but they should also be as specific as possible when explaining the home and belongings they have.
Home insurance protects you from out-of-pocket expenses for costly repairs, like rebuilding and repairing damaged structures.

It’s also important to remember that homeowners insurance isn’t the only policy worth carrying.
Sometimes, people get relief by obtaining a flood insurance policy from the National Flood Insurance Program.
If you’re looking for cheaper policies, you might want to investigate private insurers.

5. Check out the discounts available

Insurance providers may offer a variety of discounts, so ask them what they can do to make things cheaper for you.
These discounts can be as simple as being loyal or having more than one policy.
Insurers often offer discounts for home improvements too, so figuring out your carrier’s specific offers could save you money in the long run.

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6. Ensure your property is protected

One way to save on homeowners insurance is by making sure your home is safe from natural disasters such as hurricanes.
If you live in an area that’s prone to high winds, installing wind-resistant windows can help protect the house against damage during a storm.
Take precautions if you live in a wildfire-prone area too. You should remove anything that may ignite or bring flames closer to the home and box-in eaves with non igniting materials (like metal).

You see, you might also receive a lower premium if you protect your home from theft.
Not all insurers offer the same discounts, so be sure to speak to your insurance agent before upgrading to a higher-priced security system.

7. Make comparisons

8 Simple Ways to Save on Home Insurance

The best way to find the cheapest rate on home insurance is by comparing quotes from multiple companies.
With a comparison, you can see prices from multiple providers, discover discounts that might be available, and find the company that gives you the lowest premium.

Insurance comparison websites can make this process easier, but you can also get quotes directly from their websites when you decide which company to work with. Or, if you’re in a hurry, an independent agent may be better for you.

8. Do not file small claims

With homeowners insurance, it’s important to only file a claim when you need to, because filing one will often lead to higher premiums.
In many cases, small claims won’t be worth the hassle; the cost of repairs can often exceed any increase in premiums.
Another thing worth mentioning: some insurers offer discounts for customers with claims-free histories.

Let’s use an example, like when a storm causes a branch to crash through your living room window and break it.
This needs to be repaired at the cost of $1,300. However, this is below your insurance deductible of $1,000.
If you file a claim with your insurer, they’ll pay out $300 but you will likely see an increase in your insurance premium of what has been paid out.
If you can afford this increase in money and don’t mind not filing a claim, just take care of it yourself.

Last words:

There you have it! 8 simple ways to save on your home insurance. By following these ways, you can be sure that you are getting the best possible rate on your home insurance policy. Also you can easily save hundreds of dollars on your home insurance costs every year. So don’t wait any longer, start saving today!

Don’t forget to share your opinion and let us know in the comments if you follow any secret tips and tricks to save on insurance.

I hope you enjoyed reading this. For more updates, stay tuned.

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