These days it makes sense to cut costs any way you can.
And when it comes to your insurance policies that makes sense as well. Provided, of course, that you don’t cut your coverage just to save a buck or two.
So when it comes to saving money on your homeowners insurance what should you look for?
Here are some key considerations to keep in mind when it comes to the “price” of your policy. In fact, I recently saved more than $1,200 a year off my premium by following a few simple steps, and asking the right questions.
Homeowners insurance tips you can take to the bank
My search for a new policy started when my long time insurance provider raised my rates for homeowners insurance.
Why did they raise them?
Beats the heck out of me. I never filed a claim, and had been with the same company for years insuring the home, auto, and an umbrella liability policy to boot.
Tip #1: Get a second opinion for your annual policy review
In fact, after contacting a local agent to review my policy he asked questions the other company never bothered to address. Turns out there were mistakes with the policy that didn’t jeopardize my coverage, just how much I had to pay for it.
During your policy review make sure the information about your home is correct.
Ask about discounts for safety features like smoke detectors or alarms, distance to fire hydrants, etc. You’d be amazed at the number of discounts available… you just have to ask and work with someone who is knowledgeable about your area.
In fact, rates can vary from town to town, and zip code to zip code.
Also, you’ll want to make sure you insure your home for the cost of rebuilding it, rather than on its real estate value. After all, in many areas values are still lower than what they were even a few years ago.
Tip #2: Review your deductible amount
Changing your deductible amount can make a big difference with respect to cost.
An easy way to save is to simply increase how much you’re willing to come out of pocket to pay for any damage to your home. Changing your deductible from $500 to $1,000 can make a dramatic impact for the overall cost of your policy, without cutting the amount of coverage you have.
You may end up saving 25% or more from your annual premium payments based on this one change alone.
Tip #3: Consider using an independent insurance agent
Let’s face it, selecting an insurance company by price alone isn’t the best option.
For example, you can call an 800 number and get a free price quote that may or may not be accurate or the best fit for your needs. But when you select a local agent you end up with who knows your area. That means good customer service and someone you can turn to should you need to file a claim.
What’s more, independent agents work with more than one insurance carrier.
That means you can save money on the policy you need without cutting corners. And many of these carriers are financially strong even though you probably haven’t heard of them because they don’t waste big bucks on TV advertising.
Finally, you can possibly save even more money by “bundling” policies together.
That’s what helped me save money off my annual premium. Besides finding issues with my previous homeowners policy we combined auto and my umbrella policy.
The final result?
More than $2,300 saved each year off home AND auto. Now that’s money in the bank. Multi-policy discounts can help you save big time, not just off your homeowners but off your other policies as well.
When it comes to homeowners insurance NY you might want to give Bruen Deldin DiDio a call (or click the link). With more than 50 in business they have the know-how and experience to help you get the policy you need at a reasonable price.
You can reach out to BDD for a policy review today.
And if you live in other parts of the country perhaps it’s time to…
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Or you can search through our list of homeowners insurance providers for your State or Metro area that can help you get the insurance coverage you need.
Either way the choice is yours…