Owning your own home comes with many benefits. It also comes with many potential pitfalls that can be quite costly, making homeowner’s insurance a must. Getting quality coverage does not necessarily have to break the bank. There are several ways you can get cheaper home insurance if you just do a bit of homework.
One of the best ways to get cheaper home insurance is to shop around. Different companies offer different pricing for similar coverage and in some cases, the difference can be significant. Online quote sites and consumer guides are great resources and provide useful information. Also reach out to friends, family and co-workers for information on their carrier. Get at least three quotes.
Use the Same Insurer for Your Home and Auto Policy
Often times, you can get cheaper home insurance by using the same company that insures your automobile, provided they offer this type of coverage. You can view the discount received when combining auto and home insurance quotes with the same provider online. Holding at least two policies with the company may result in a discount anywhere from five to 15 percent. Some insurers however, may offer discounts for being a customer for a set amount of time. Check if you are currently eligible or if this period will be coming up soon. If you have one more year to go, it might make sense to stick with your current company rather than switching for an immediate savings on your current policy.
Choose a Higher Deductible
The deductible is the amount of money the policy holder is responsible for paying before insurance coverage takes effect. Since this is money coming right out of your pocket, it may be tempting to pick the lowest one. But, the lower the deductible, the higher your premium will be. Cheaper home insurance will come with choosing a higher deductible. Choose something reasonable, however. It may be tempting to get the lowest price possible, but do not opt for a deductible you know you cannot realistically cough up if it actually came down to it.
Disaster-Proof Your Home to the Best of Your Ability
Having measures in place to reduce damage in the home will help secure cheaper home insurance. Examples include installing storm-proof shutters and shatter-proof glass, and updating electrical and water systems in older homes to cut down the risk of water or fire damage. The fewer issues in your hours that can potentially result in costly claims, the more attractive a customer you become and the better rate you will get.
Improve Security Measures
Installing dead bolts, getting an alarm system or other measures that reduce risk of theft may result in reduced premiums. To figure out whether this would be cost-efficient, talk to the insurance company about recommended measures and specifically how they would impact the cost of your premium.
Review Policy Periodically
Regularly assess your current coverage to determine if you can make any cost-saving changes. If you no longer own those diamond earrings or that expensive computer is now several years old, adjusting coverage for these types of items can save you some money. This one little step is something we often overlook because it is just easier to pay the renewal when it comes due. Taking the time to review will maximize savings.
This does not include an exhaustive list of all the potential ways to save money on home insurance, but it is a great start in the right direction. Doing your due diligence will result in getting the best price possible.
Kelli Cooper is a freelance writer who helps her clients get more exposure for their businesses. Check out http://www.kanetix.ca/home-insurance for quotes on Canadian home insurance.