Your home is often one of your greatest assets. For this reason, it's important to be sure that you have the right homeowner's insurance to protect the place that you call home. You want to ensure you have sufficient coverage, while at the same time, keeping costs down and finding the best ways to save money.
Your homeowner's insurance premiums are based on many factors, some of which you have some degree of control over. So if you're looking for ways to trim your insurance budget without sacrificing coverage, here are some things to consider.
Raise your deductible
Increasing your deductible can have an immediate effect on your premiums. Yes, you'll have to pay more out-of-pocket in the event of a claim, the amount you'll save annually in premiums could very well make up the difference.
Don't use your homeowner's policy as a maintenance policy
Your homeowner's policy is meant to protect your home and personal property against things such as a natural disaster, fire, and other substantial losses. It's not meant to help you pay for home repairs or minor damages. Small, frequently made claims may raise your premiums at renewal time, or even result in a non-renewal of your policy.
Consider certain safeguards
Many insurance companies provide a variety of discounts on home insurance policies if you take additional measures to protect your home and personal property. Things such as security systems, deadbolt locks, smoke and fire alarms, can all help trim your premiums while increasing your overall safety.
You can immediately experience some savings by combining many of your other insurance coverages (such as your auto and life insurance) with the same company that you have your homeowner's insurance with. Not only does this help save you money, but adds to the convenience of having all of your insurance in one place. Ask your agent about available policies and all discounts that you may be eligible for.