Home insurance is one of the most important things that you can have if you the owner of your house, as it will guarantee that you are covered should anything happen to your property. If there are fires, floods, hazards, explosions, hurricanes, and other forms of damage, home insurance will guarantee that all you will have to pay is a deductible to get your home repaired. It will cost you a bit to purchase home insurance for your house, but it’s worth it!
The Good News: It Doesn’t Have to Cost a Fortune
The good news is that home insurance doesn’t have to be too expensive, and you can find ways to cut the cost of your home insurance without reducing the value of the coverage. If you want to find good coverage that will be affordable, there are a few things that you can do:
Raise Your Deductible
The deductible is the amount that you’ll pay, and it is usually fairly low – meaning the insurance company will cover the rest. If you raise the deductible amount, it will reduce your premiums. You will end up covering more costs should anything happen to your home, but at least you will save a lot on your insurance payments each month.
Those who purchase two types of insurance from the same company will often get better rates on both, so it’s a good idea to look into getting health insurance, auto insurance, homeowners insurance, and life insurance from the same company. It will lower your homeowners insurance rates, along with the rates on all your other policies.
Many people will purchase coverage for things they don’t have to worry about, but you can save money by eliminating wasteful coverage. For example, if you live far from any bodies of water, why would you purchase flood insurance, or why would you add jewelry coverage to your home insurance policy if you don’t own any costly jewelry?
Call Every Year
You will find that the insurance company will change the rates, policies, and conditions of their insurance every year, and even a small change can work in your favor. Rather than accepting the same rate for the rest of your life, call the insurance company every year to check if the policy has changed in any way. If the changes benefit you, it would be good to know about it.
Avoid Insurance Risks
Owning a Pit Bull, Doberman Pinscher, and certain other dog breeds can void your home insurance coverage, or at least limit it. A trampoline or swimming pool can also raise your premiums, but you may not realize it. Make sure that you read the contract carefully, and avoid anything that would raise the cost of your premiums. You will find that it spells out clearly what may exclude your home from the insurance coverage, so avoid these risks.
Your home insurance policy will cost you, but it doesn’t have to cost you more than you can afford. If you use the tips mentioned above, you may be able to save a tidy sum on your insurance policies every year.
Sam Fenton is a professional insurance agent. He writes about a variety of insurance-related subjects and loves helping his customers get the best deal possible.