Every single penny counts these days. You’re barely keeping food on the table, and clothes on your kids’ backs – time to get creative about finding ways to cut down.
Take a Look at Big Bills You Take for Granted, Like Insurance
Start shopping around for home insurance quotes (doing this every six months can save you big bucks).
Take a look at your homeowners policy. I bet shopping around for quotes was probably not on the top of your list when looking for the perfect house. You were busy jumping through all the new home hoops and that exhausting ride through all the real estate red tape.
Well, it’s ridiculous how much homeowners insurance rates can vary company to company, so if you didn’t shop around then, do it now. It could save you hundreds of dollars.
Here are a few bits of insurance advice to help you save on the big bill.
Five Ways to Save on Homeowners Insurance
1. Get a Higher Deductible!
Taking your deductible to $1,000 from $500 can get you a nice discount -- as much as 25% (according to the Insurance Information Institute).
You’re trying to keep your house right now, not worrying so much about minor fixes so it’s totally worth it. You really shouldn’t be claiming damage that is less than $1,000 anyway because the rate increase you’ll get by claiming the small fixes will be a lot more than the additional $500 out of pocket, especially when combined with the 25% discount for having a higher deductible.
2. One-Stop Shopping
When shopping around for new auto quotes be sure to get a homeowners quote within the same company. Insurers like to have all your business and offer discounts to keep it under one roof. Get your homeowners insurance and your auto insurance from the same company, and save up to 15%.
3. Secure and Save
From alarms to window locks, and fire sprinklers in between, security and safety devices could mean big savings.
How long has it been since you talked to your homeowners insurance company? Have you installed any safety or security measures on your home since?
Insurance companies are big fans of alarm systems, especially the ones connected to your local police and fire department. It could reduce premiums by as much as 20%.
4. Fixed Up
If you’re reading this, you’re likely a DIY type, and that means you probably did some home improvements in the past year. If so, those fix ups could get you a discount, especially if your house was a fixer upper when you first signed up for the insurance policy.
Let your insurance company know, and be sure to mention it when getting home insurance rate quotes!
5. Look at Your Limits
It’s a new world and you’re focusing on the essentials, so drop extra coverage you don’t need. Best way to do this with homeowners insurance is by taking a closer look at your limits.
You originally set them high to cover major purchases and home additions. Today you’re in penny pinch mode, so compare the limits of your homeowners insurance policy to the actual value of your possessions, and adjust accordingly.
Source: Free Insurance Advice