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Tuesday, 30 August 2011

How To Save Money on Your Home Insurance Premiums

Home insurance premiums can put serious financial strains on a household. While protecting yourself from risk is incredibly important, there's no arguing that insurance premiums can be expensive. What few people know is that there are a tricks that can help to reduce the cost of your premiums. 

1. Increase your deductible
This is the quickest and easiest way to see an immediate reduction in your home insurance premiums. A deductible is the amount of money you agree to pay an insurance company to have your claim indemnified. Deductibles can range from around $200 to $2000 dollars or more, and the higher your deductible the cheaper your insurance premiums. Saving money on your premiums, therefore, can be as simple as calling up your insurance company and asking to increase your deductible. 

2. Avoid risks that your insurance company may charge for
Ask your insurance provider if there are any particular risks that could make your home insurance more expensive. Owning certain domesticated animals like snakes and wild animals can increase your premiums, while making home improvements like pools and hot tubs can also cost affect your rates. 

3. Combine your insurance
Combining your home insurance policy with your car insurance or commercial insurance can save you a considerable amount on your insurance premiums. Talk to your insurance broker and ask how much you could save by buying all of your insurance through them. 

4. Be sure you're not paying for unnecessary risks
If you are in a region of the country that never experiences earthquakes, for instance, buying earthquake insurance makes no sense. Similarly, if you live far from areas that flood, buying a policy that covers floods is unnecessary. Go through your policy with your insurance broker and trim any risks that you feel are unnecessary. 

5. Invest in security and safety
While a security system can be an expensive initial investment, it could save you money down the road on your insurance premiums. Other investments such as wind-resistant shingles can also make your home less of a risk. Ask your insurance company about what you can do to reduce your insurance premiums. 

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