When you own your own home, it seems like bills are constantly coming in and going out of your mailbox, so you probably want to save as much cash as possible on manageable household expenses. For example, the price you pay for your homeowner’s insurance policy can vary by hundreds of dollars each year, depending quite a bit on the insurance company you choose for coverage. In order to assist you in getting the best price on your homeowner’s insurance policy, we’ve come up with the simplest (and best) 3 tips to get you the best coverage for your dollar:
- Shop Around. with the Internet today, the reasons for not doing this are quite thin! There are multiple sites that will do the shopping for you with just one application, or you can do it the old-fashioned way and call or visit an insurance agent in person yourself. Either way, make sure that you ask all of the pertinent questions, get all the right answers and always get everything in writing! When all of the written information is right in front of you, you will be able to make an accurate comparison of coverage and be better able to figure out the best deal for your dollar.
- Buy All Insurance Policies from the Same Insurer. Some insurance companies sell home, auto, life and other types of coverage, offering discounts of 5, 10, or even 20% to customers that hold more than one policy with them. This is becoming increasingly popular with the Internet, as insurance companies want to hold on to the customers they have. In addition to this “multi-policy discount”, check with your insurer to see if there are any other discounts that you may qualify for, either immediately or down the road.
- When all else fails, Raise Your Deductible. A deductible is an amount of money that you pay towards any claim before your policy takes over. Most insurers suggest a $500 deductible, but raising yours to $1,000 could cut your annual insurance premium about 25%. Please proceed with caution, as you may live in an area susceptible to hail, wind, fires, etc., so be sure that you have enough coverage to pay for any damages should you need it.
As with any major purchase, be sure that you check the credentials of the seller, in this case the insurance company. The financial stability of said company can be easily checked at nationally accredited ratings companies like and/or (also known as the S&P) to put your mind (and your wallet) at ease.
