All homeowners must carry homeowners insurance. However, this does not mean that you have to spend a fortune on the coverage you need. In fact, you can start saving money on your home insurance policy as soon as today by putting the following five tips to work for you.
Tip #1: Don't Choose The Lowest Deductible Available
Many people automatically choose the lowest available deductible for their policy. Oftentimes this decision is made in an effort to save money when the time comes to file a claim. What many of these people do not realize is that the lower their deductible is, the higher their premiums are going to be. Consequently, you will often pay more over the long term by choosing a lower deductible. For this reason, it is usually best to choose the highest deductible that you can reasonably afford to pay.
Tip #2: Always Bundle Your Home And Auto Insurance Policies
If you have both homeowners and auto insurance policies, it is a good idea to bundle these policies with a single insurance provider. This is because most major insurance providers offer a multi-policy discount to customers with more than one insurance policy. This means that you will be able to automatically save a percentage off both your home insurance and auto insurance policies.
Tip #3: Invest In Home Improvements That Help To Protect Your Home From Damage
Making certain types of home improvements can result in a reduction in your insurance rates. For instance, choosing to install impact-resistant windows or a fire suppression system could earn you a discount on your insurance premiums. This is because these types of home improvement products reduce the risk of your home being damaged and therefore reduce the risk of you filing an insurance claim.
Tip #4: Install A Professionally Monitored Security System
Another way to qualify for a discount on your insurance policy thanks to reduced risk is to install a professionally monitored alarm or security system in your home. This will help to reduce the risk of your home being broken into and will therefore qualify you for an additional discount.
Tip #5: Avoid Filing Claims For Minor Damage
While it can be tempting to try and get the most out of your insurance by filing a claim for all covered damages, filing multiple claims can result in higher insurance rates. If the cost of your damage repair is only slightly higher than your deductible, you may want to consider covering these costs out of your own pocket in order to preserve lower insurance rates.
For more information, contact a local home insurance provider.