Thursday, 28 July 2011

5 Quick Ways to Save Money on Your Home Insurance

Your home is one of the most important investments you'll make in your life, and often the costliest too! Insurance premiums for your home can often be expensive but there are ways to save money on your home insurance that can be as easy as making a phone call to your insurance provider.

1. Increase your deductible 
There is an inverse relationship between the cost of your deductible and the cost of your premiums. That is, if you increase your deductible, your monthly premiums will come down in price. Alternately, if you decrease your deductible, your premiums will increase. If you are fairly confident that you will not need to make a claim in the near future, it is a wise idea to increase your deductible. Over time, the savings in your premiums will more than compensate for the hike in your one-time deductible.

2. Compare rates 
When your dad taught you to "shop around," he was serious! Every insurance company has a slightly different way of determining premiums and you could save a lot by looking into different plans. Try to get a quote from as many companies as possible. It won't take very long, especially if the insurance providers offer online quotes. In fact, you may find that an hour could save you hundreds of dollars!

3. Lump your insurance together 
Most insurance companies offer special deals to customers who have more than one kind of insurance with them. For instance, if you have commercial and car insurance with one company, see what kind of discount you could get by purchasing a home insurance plan with the same company. You may find that there are tremendous savings to be had!

4. Do not include the value of your property 
A simple mistake made by customers --and insurance brokers alike!-- is that the price of the land is included in the insurance estimate. If this is the case, you may be paying to insure your plot of land, which is not subject to many risks! It's not as if a fire or storm will destroy the land on which your house is built! Make sure to ask your insurance provider if this is being calculated into your premiums, because it most certainly should not be.

5. Bump up security 
Investing in a beefed-up security system could pay serious monetary and safety dividends. It may cost you a big chunk of change up front, but your family will be safer and you will see a significant reduction in your premiums. Over time, this reduction will pay off the system, and your family will be safer in the meantime!


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