When it comes to saving money on homeowners insurance, many of us leave savings on the table, simply, by not being well informed. If you have a good insurance agent, who really cares about you and your insurance needs, he or she will want to make sure you are getting all of the coverage you need and none of the coverage that you don’t need. Here’s our list of some important facts you may want to be aware of before signing off on your homeowner’s insurance policy:
- Shop around: In other words, don’t go with the first guy you talk to! Like most everything else, insurance premiums and rates are negotiable and adjustable.
- Multiple Policy Discount: Most agencies offer discounts for clients who have all of their policies with them. Letting one agent handle all of your insurance needs can save you money, so as you are calling around have them give you a quote for everything.
- Loyalty Discount: Staying with the same insurance agency can also save you some cash. Ask your prospective agents if they offer this particular discount and, if so, when it kicks in.
- Non-smokers Discount: Exactly what it sounds like, if everyone in the household is a non-smoker you may be eligible for extra savings.
- Improved Security Systems: Safety is important, and if it can save you money, it’s an added bonus! Smoke detectors, fire alarms, and burglar alarms are a good idea and even come standard in many homes.
- Do not include your land or lot in the price of your premium: In case of disaster, your land will not be destroyed or need to be replaced. So, there is no need to include it in the policy with the cost of the home and contents.
- Review your policies annually: Because there is no need to ensure what you don’t own, be sure to go over your needs on a yearly basis.
- Keep your credit score high: Your credit comes into play when your premiums are calculated. The higher your score, the less your “risk” is to the insurance company. That translates into even more savings!
As you can see, saving money on your homeowner’s insurance could be quite simple. You just need to be vigilant about making sure you are taking advantage of all the discounts and savings for which you may qualify.