Home insurance is a necessary purchase; however, there are ways that you can save money by buying the policy that is right for you. Shop around for the many discounts that are available and you could make a real difference to your outgoings. These are some various ways that you can save yourself some money when shopping around for a new home insurance policy.
1. Install safety features
Many companies will offer discounts depending on the safety features that you have installed in your home. Look to install an alarm system, deadbolt locks, smoke detectors, storm shutters and fire retardant roofing material. Remember that prevention is better than a cure, so to have these features in place already you are showing any insurance company that you are doing what you can to prevent accidents and break-ins to your home. This in itself is enough to encourage most companies to give substantial discounts to your home insurance policy.
2. Personal Discounts
As well as enjoying discounts for your safety features you can also look into policies that cater for the over 55’s and for long term customers. Companies are willing to give more discounts to those people who they deem to be loyal to their company. Another loyalty discount is given to those customers who buy both their home insurance and their auto insurance from the same company so it is worth looking into buying both policies from the same insurance company if and when this is possible.
3. Look at what the policy covers in detail
Many people buy their home insurance without knowing what their policy does or does not cover. Make sure that you are covered for everything that you need, and read your policy through before signing. Flood and earthquake damage is not covered by many standard homeowners policy, so speak to the company issuing your policy to get adequate cover for this, and anything else that you may need.
Not all policies cover your contents such as computers, jewellery, televisions, cameras, art, antiques etc. So look to everything that your policy will cover and change your policy to cover everything that is needed. Also evaluate your policy on an annual basis and make sure that you include anything you may have bought over the year to keep your insurance up to date at all times.
4. Raise your deductible
The higher your deductible the bigger the discounts you will receive on your insurance. A deductible of $1,000 can earn you a discount of as much as 25%. For this reason look toward the highest deductible that you can easily afford to create the best discounts available.
5. Maintain a good credit rating
Many insurers will look to your credit rating to price your insurance policy. In order to keep a good rating you need to make sure that all bills are paid on time, keep your credit purchases as low as possible and check your credit rating regularly to keep your credit records up to date. As always, stop on by and we will be glad to help you find the right home insurance policy to fit your needs!
