5 Tips for Home Insurance Shopping
#5: Add a Home Security System
If you want to save yourself some money on premiums for years to come, have a home security system installed. They work best if monitored centrally by the security agency or, even better, if they are directly connected to the local police.
This will earn you a discount with most home insurance providers, so show them the bill or a contract.
#4: Set a High Deductible
This tip can be a bit tricky, because you must actually have access to the funds in your deductible. This works best for folks who can cover most damages to their homes and only really want coverage for real emergencies.
The higher your deductible is set, the lower your premium will be. You'll have to pay for your own broken windows and leaky pipes, but most issues like that cost less than what you will save on premiums.
#3: Combine Insurance Policies
Most insurance providers can meet all your insurance needs: car, home, life, and so forth. The more policies you have with one company, the bigger the discount they will offer. Sometimes you can save 10% just for having two policies with one company, and 25% for three!
Compare the prices through one company to buying two individual policies using home insurance quotes.
#2: Review Your Policy Regularly
At least once a year, familiarize yourself with the costs of your policy. Next, check the market value of your home and possessions. This is important because if the value of your insured property has decreased, you will be overpaying for insurance. If it has increased, you will want to get more coverage so that you aren't left out in the cold.
If you make changes to your property, such as new landscaping, improved safety features, put in a pool or a jacuzzi, or have rid yourself of a trampoline, you should inform your home insurance provider.
Also yearly, check home insurance quotes to make sure that there isn't a better offer out there for you.
You don't want to be overpaying, and when one insurer offers the best deal one year, there might be a far cheaper option available the next.
#1: Copies, Backups, and Inventories
The most important and responsible thing you can do with regard to your home insurance is to keep detailed records of all of your expensive and important items and papers, as well as store copies and backups of everything you need somewhere safe from destruction. Keep in mind that if a storm comes along with the potential to damage your home and your important and expensive items, it has the potential to destroy your receipts and records of those things as well.
Inventory everything and keep the records in a waterproof, fireproof safe. This will also help you when shopping for coverage.