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6 Ways to Save on Home / Renter's Insurance
If you're looking to save money on home insurance, there are a few simple steps you can take to curb the rising premium costs.
- Comparison shop.
This is the most important step. After you get a couple of quotes, you'll know about what you can expect to pay. From there, it's just a matter of making sure you get the coverage you need. - Raise your deductible.
Lately, insurance companies punish consumers with higher rates and non-renewal notices if they file frequent, small claims, so having a high deductible just makes sense. If you can afford a deductible of $2,000 or more, your rates will be substantially lower. - Improve the safety and structural integrity of your home.
Adding security systems, deadbolt locks and smoke alarms helps to prevent loss. Likewise, upgrades to electrical and plumbing systems prevent future damage from electrical fires and burst pipes. All of these improvements help to lower premiums. - Purchase an insurance package.
Sometimes, this is called a multi-line policy. It means that one company insures your house and your vehicles. Insurers, glad to have the extra business, give discounts to consumers who do this. - Get your coverage limits just right.
Obviously, you want to be fully protected, but don't waist money on superfluous coverage. Remember that you only need to insure the structure of your house - the land, while it may be valuable, isn't necessary to insure. - Ask for other discounts.
Insurance companies vary widely in what they'll offer discounts for, so it's good to ask an agent for a list. Your rates could be lowered for having a non-smoking household, setting up electronic funds transfer (EFT) payments, having a good credit rating, or being a member of certain clubs or organizations.
Your home is probably the most expensive thing you own, so it's vital to properly insure it. If you're renting, it's just important to protect your possessions! Just make sure that you're receiving all of the discounts you're entitled to so that you don't overpay.
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