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More Home Insurance Tips

Consider Your Deductible

Your homeowner’s deductible can greatly affect the amount of your monthly premium. If you change from a $500 deductible to a $1000 deductible, you may save up to 25 percent on your monthly premium.

You should decide whether you are looking for a home insurance policy that covers all property damages, or just major ones. If you really want a comprehensive homeowners insurance policy, a low-deductible plan would likely be best. If you are more interested in saving money, a higher deductible plan in which you assume the risk for smaller claims may be best.

Do Not Overstate Your Rebuilding Cost

There is a big difference between the actual cost of your home and the cost of rebuilding or replacing your home, since the value of your land must be taken into consideration. It is unnecessary to insure the land under your home from fire, extreme weather or theft.

You can also save money when insuring your home if you insure only the value of the home, not the land.

Make Sure Your Coverage for Possessions is Not Too High (or Too Low)

It is a good idea to take annual inventory of the items in your home and try to assess their total value. Some individuals find they have over insured their home and its contents, and others find their coverage is not suitable for the items they have purchased over the last year.

Protecting Your Home Will Protect Your Homeowners Insurance Premium

If your home is protected from fire, theft, and natural disasters you are going to be less likely to make a homeowners claim. Insurance companies offer a discount for various home safety devices such as burglar alarms, smoke detectors and even dead bolt locks.

Also, if you are constructing a home, it is a good idea to make sure that the building material is suitable for the area in which you live. For example, if you live in an earthquake zone, your home should be built of materials that can withstand an earthquake.

If you are installing a security system, check with your insurance company before your purchase to make sure the discount will apply.

Save by Getting Auto Insurance, Too

If your auto insurer also offers homeowners insurance, you may be able to save 15 percent or more on your insurance premiums with a multiple-policy discount. Further discounts could apply if you purchase life insurance through the same insurer.

Stop Smoking

Many residential fires start by careless smoking, so some insurance companies give discounts to households that do not contain smokers.

Avoid Placing Smaller Claims

It is a good idea, if at all possible, to avoid making small insurance claims that can cause your insurance rates to go up. While it is nice having financial help when making small repairs, it is probably better to pay for them yourself and avoid higher insurance rates.