If you are a home owner, chances are there are all sorts of fees associated with your home that you have the privilege of paying. Some of these fees include homeowner’s insurance, utilities, your mortgage payment, PMI, and property taxes. It really all adds up to be quite a bit over time. It makes sense that you’ll want to decrease these fees as much as you can. Narrowing in on your homeowner’s insurance policy is a great way to start reducing costs.
Don’t get extra coverage that you don’t need. If you don’t live in an area that gets earth quakes, don’t get earth quake insurance. If you don’t live in a flood plane, don’t get flood insurance. Make sure you get the riders that you need for the disasters that are most likely to happen in your area.
Be sure to ask about any discounts they might have. If you can join some sort of group, you can often save a few percent off your bill. For example, if you have a sprinkler system or security system, you might get a decent discount for having these things.
Consider having all of your insurances at the same company to get a multi-policy discount. Make sure it will be actually cheaper to do, but most of the times it will be. This way you will reap the rewards of their marketing programs if they are available.
Consider increasing your deductible to save on your policy. Basically, a deductible is the amount of out of pocket claims that you have to pay in fees before the homeowner’s insurance will begin to cover anything. A higher deductible will mean that you have to take on more risk, but it will also decrease your bill by quite a bit. If it’s only going to decrease your bill a few dollars a month, chances are it’s best to just leave it where it is.
Finally, be sure to shop around as much as possible. Get at least four or five quotes for your insurance. Do not just compare the bare minimum of the rate; also compare the service and coverage that you get. Cheapest does not always mean the best. A few extra dollars could provide some very much needed coverage.
The amount of money that you will save by doing these things will vary quite a bit. If you already have an excellent deal on your homeowner’s insurance, you won’t save too much. If you are getting had, chances are you can save a bundle.