Saving money is on the minds of mostly every person. The cost of everything has skyrocketed and people are wondering how it’s possible to save money. The answer to that question is simple; or at least it can be. A few are, to only shop when things are on sale, don’t live beyond your means, and budget. One area that may be overlooked is our insurance policy. Many people don’t realize how beneficial it is to shop around for affordable homeowner’s insurance.
So how do we do that and what does it entail? I’ve listed 7 things to consider before purchasing a homeowner’s insurance policy.
A. Shop Around-The time spent on research can be consuming. But with a little patience and diligence you will be successful if you are consistent in your search. Web sites like www.adt.com you’ll be able to get information regarding the monthly monitor fee and see if they offer promotions and discounts.
B. Raise Your Deductible-If you already have a homeowner’s insurance policy you can still save money. For instance you can increase the amount of your deductible. Deductibles are the amount of money you pay prior to the insurance paying their portion for a claim.
Although the amount may be higher it will decrease your monthly premium payment which is ultimately better. Most insurance companies recommend a $500.00 deductible but if you’re able to increase the amount you will save money.
C. Consider Insurance Cost Before Buying A Home-When looking for a home an insurance policy may not be the first thing on your mind. Location, area of schools, and proximity to work are just a few things a home buyer takes into consideration.
But if you want to save money you should think about insurance costs before you get your heart set on the perfect home. This will benefit you in a couple of ways; your wallet won’t be completely empty and you can save time by knowing what you can afford ahead of time.
D. Bundle Your Policy-Since everyone is required to have an auto policy, purchasing homeowner’s insurance from the same company will save money. Most offer discounts if you do this and depending on the insurance company you may also get rewards for “Bundling” your policies.
E. Increase Home Security-Whether you plan on living in the country or in the heart of the city keeping your home safe is a priority. If you have a security system the majority of insurance companies will lower your rates up to 5%.
So if the home doesn’t already have a system in place you may want to have one installed. If you go to www.adt.com you’ll be able to get information regarding the monthly monitor fee and see if they offer promotions and discounts.
F. Stay with an Insurer-“Go with what you know” also applies to insurance companies. If you continue to be a policy holder with a specific company they may give you additional discounts depending on the number of years you’ve been a customer.
G. Check Your Policy Once A Year-Reviewing your policy is a “must do” when you are an insurance holder so make sure you check it once a year. Additional discounts may be available or your current policy may have changed so keep an eye on what changes may have occurred.
You can’t save money on everything but shopping for the best deals on homeowner’s insurance is one way to keep your wallet from being depleted. You may not be able to clip coupons for this protection but you can be proactive when it comes to saving money.