Five Tips to Save on Home Insurance

Home insurance is a must.  According to Investopedia, the average home insurance costs around $1,200 a year.  However, there are many ways you can save on that cost  Here are five of my favorite tips to save a few bucks.

  1. Compare Prices:  Yes! Shop around.  It probably took viewing several houses before finding the perfect one, right?  You should do the same with your home insurance.  Compare prices and the coverage on several policies before choosing one.
  2.  Increase the Deductible:  What?  Yes, look at a policy that has a little bit higher deductible.  Policies with higher deductibles tend to have lower monthly costs.  However, do not choose a deductible that you would not be able to cover if a disaster were to strike.  As with any spending, stay within your means.
  3. Listen to Flo:  You know the commercial I am talking about, the one that talks about a “bundle”.  Try to find an insurer that gives discounts for having multiple policies with their company.  There are many insurance companies that offer this discount.
  4. Improve Your Home’s Security:  Believe it or not, installing a home security system can lead to a discount on home insurance.  Also, smoke detectors, fire extinguishers, and items like a gas leak detector can take a few dollars off your yearly charge.
  5. Ask About Discounts:   Discounts can come from a variety of things.  Age can be a discount.  Many companies give reductions for folks over 55.  Are you a non-smoker?  Do you work from home?  Yes, all ways you could save a few dollars.  Also, a lot of insurers will give you a discount if you do monthly, automatic payments from a checking account.

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