It isn’t always easy to know how to choose homeowners insurance – especially if you are trying to save money. There is a delicate balance between cost and coverage and you do not want to skimp too much on the cost at the risk of missing out on critical homeowner’s insurance protection.
There are things you can do, though, that will help you cut your costs without sacrificing your coverage, like these listed below.
Increase Your Deductible
The deductible is what the insurance company considers a shared risk between you and the company. The higher your deductible, the more incentive you have to keep your home and belongings safe. This does mean you’ll have to pay more out of pocket when a claim is made, but it also means you’re not missing out on key elements of protection in order to cut those monthly costs.
The Insurance Information Institute recommends getting at least three quotes on homeowners insurance coverage before you decide to buy. Make sure you are comparing comparable coverage and protection, but go with the company that offers the best balance of cost and coverage overall to get the best possible deal on your home insurance needs.
NerdWallet recommends bundling insurance policies to save between 10 and 20 percent on premiums for each policy. There is the added convenience to consider of having all your insurance eggs in one basket and needing to develop only one relationship for all your insurance needs. However, NerdWallet also warns that it isn’t always in your best interests to bundle your policies and if price is truly a concern it is best to compare the costs separately and together to get the best possible bargain.
Update Your Home
Making certain changes to your home can make your home a more attractive consideration for insurance companies. Things like adding monitored security systems, updating your wiring, and even installing exterior lighting can yield substantial savings on your monthly premiums. You should also contact your insurance company when you make changes like a new roof, room addition, etc. to make sure you’re getting the discounts these changes may qualify you for and that the investment you’ve made is fully protected by your policy as well.
Buying homeowners insurance for your home without overspending doesn’t have to be a complex process – especially when you work with a reputable insurance agency that takes the time to get to know you and your unique homeowner’s insurance needs.
To compare homeowners insurance quotes, simply fill out our online multiple insurance quotes form.