The end of 2013 is rapidly approaching – have you started on your New Years resolutions yet? Is saving money one of your resolutions? For many, the resolutions are already being forgotten and saving money has been replaced by a warm cup of Starbucks coffee. But fear not, there is something you can do now to save money and you don’t even have to give up your daily Starbucks (though I would recommend doing that as well). Below are 5 ways to save on your home insurance right now.
1. Increase your deductible. Increasing your deductible could save you over $100. This is the simplest and least painful way to save a couple extra bucks on your home insurance.
2. Increase the security on your home. There are things that you can do that will pay for themselves due to the decrease in home insurance premium (i.e. installing dead bolts and smoke detectors). Other security measures (like installing a burglar alarm) are smart and will actually decrease your home insurance costs, but may cost you a little more in the long run. Of coarse, a burglar alarm could deter theft and that is priceless.
3. Improve the safety of your home. If your home is more safe, you may not need to make any claims. Claims are not only expensive for you and the insurance company right now, but will also affect the cost of your home insurance for the next 3 years.
4. Remove coverages that are unnecessary. If you live on a fault line, you probably need earthquake insurance. If you are no where near a fault line you might be OK to skip adding earthquake to your policy. Also, sometimes scheduling jewelry on your policy is not as cost effective as insuring your jewelry with a 3rd party.
5. Shop around. Some insurers will tell you that you need to bundle because you will automatically save money. You always receive a discount when you bundle a primary home and auto, but that doesn’t mean that would be the best deal. Sometimes separating the policies is more affordable and sometimes having them with one company is the way to go. Shop around and you’ll be surprised by the price difference between companies.
Get started now on that New Years resolution by getting a quote for your home insurance and your car insurance from an independent agent. They may be able to save you hundreds of dollars this year without the pain of giving up anything you enjoy!