Friday, 11 November 2011

How to Save Money On Your Home Insurance

Your house is one of the most valuable and important investments you'll make in your life. It's the place where your kids grow up and where you have your fondest memories. Most importantly, it's the place you call "home." Given the importance your home plays in your life, it is essential that you have an insurance policy that will provide you with peace of mind. Despite what most people tell you, it doesn't have to cost you an exorbitant amount of money to have a great insurance policy. The following tricks will help you to find the best insurance coverage for the best price!

1. Shop around
This is the most important thing you can do as an insurance customer. Insurance companies make it very easy to get free quotes online, so take advantage of technology and find out where you can save the most money! An hour on the phone or computer could save you thousands of dollars on your home insurance!

2. Increase your deductible 
By far one of the least known "tricks" among insurance customers, increasing your deductible can save you a great deal of money on your premiums over time. The higher you make your deductible, the amount you will have to pay to make a claim, the lower your premiums. If you are fairly certain you won't have to make a claim in the near future, it is in your economic interest to increase your deductible and pay lower premiums. However, keep in mind that if you have to make a claim, it will cost you more.

3. Combine and save
Insuring your car and home with the same company will often result in savings. If you currently have your car and home insurance plans spread out over a few companies, check to see how much you could save by lumping them together with the same company. Be sure to shop around though, since it may still be cheaper to insure with multiple companies.

4. Go with a broker
While it is possible to save a great deal of money by shopping around for insurance plans on your own, you can never beat the expertise of an insurance broker. Not only can they find you the most inexpensive insurance policies, but they know how to read through the insurance jargon and understand exactly what you're paying for. Sure, you may find a policy on your own that is much cheaper than the rest, but do you know what you're getting? You could be getting a bare-bones policy that won't cover you for everything you require!

With these tips in mind, you will be able to save money and get the policy you want. Remember that not all policies are created alike and the cheapest policy is not necessarily the best.