How to Save on Home Insurance

Home insurance is required if you have a mortgage on your home, but that does not mean you can’t find ways to save money on your homeowners insurance policy. Here are several ways you can pay a lower price for great coverage.  

1. Ask. You never really know until you ask, right? Talk with your independent insurance agent and find out if there are any discounts available to you. Some examples of possible discounts are marital status, nonsmoker, multi-policy and claim-free. Depending on the company who provides your insurance, there may be different options. 
   
2. Raise the deductible on your policy. This is one of the easiest ways to pay a lower insurance premium. If you raise your deductible from $250 to $1,000, you can cut your premium by up to 30 percent. Just be sure you have at least $1,000 put away in case you do have to file an unexpected claim. 
   
3. Add security features. You may receive discounts on your policy by simply installing security features in your home. A security alarm, fire extinguisher and deadbolt can save you an average of five percent. Upgrade to a security alarm that will automatically call 911 and you can save up to twenty percent. 
   
4. Review any riders. Riders are extra coverages you may have purchased. Look over them and determine if you still need them. For example, you may have extra insurance on your jewelry. If you no longer have the jewelry, you no longer need the rider. 
   
5. Shop around. How long ago did you purchase your insurance policy? If it was some time ago, that does not mean that the company who insured your home is still the best option. Circumstances change and so do rates. Review your coverage with your independent agent each year to see if there is a better option to fulfill your needs. 
   
6. Take an inventory. It is important to have a reliable document of everything you own. This serves as proof if anything should happen and you need to file a claim. It is nearly impossible to remember all of your belongings, so inventory it all. With a document, you will have proof; this helps assure that your items will be replaced, meaning you won’t have to waste money to insure it all.