By Yogesh Singh
Times are tough and finding ways to save money are always welcome, but often we don’t think of essential expenses such as insurance when considering ways to cut back on those expenses. Here are a few tips for saving money on your home insurance, while still keeping yourself and your home protected – ten things you can do to save money on your home insurance!
Shop Around – Just as with any major purchase, shopping around will ensure that you are getting the best deal possible.
Consider A Higher Deductible – A higher deductible will mean a cheaper insurance premium. If your particular financial situation allows you a higher deductible should damage occur to your property, you can save a considerable sum by using this tip.
Combine Policies – Most insurance providers offer discounts when you combine policies. This is a particularly popular option for the two insurance policies you most need most-car and home.
Install Home Security – If you have a home insurance policy that covers theft and damage due to a break-in, installing a home security system may reduce your premiums. There are other home security measures you can take that may also reduce this rate.
Know If You Qualify for Additional Discounts – Some insurance companies offer special discounts for seniors, students, or employees of particular organizations. Checking to see if you qualify for any additional discounts could mean considerable savings.
Keep A Good Credit Score – Insurance premiums can be affected by your credit score, so ensuring that you have a good credit rating can reduce your premiums.
Use the Same Provider for All Your Insurance – Often insurance companies can offer you discounts if you have existing policies with them. This is also the case for financial institutions that offer insurance, as well as brokers.
Look for Comprehensive Coverage – Comprehensive coverage offers you complete protection for a rate that is, in most cases, less than if you were to get each type of coverage separately. This includes basic homeowner’s insurance as well as disaster, theft, and liability coverage, all in one policy.
Review Your Policy Often – Your homeowner’s insurance often is fairly short term, and keeping your eyes open for better deals, or re-evaluating whether the type of coverage you currently have is more than you really need, can save you money.
The needs of every homeowner may differ and special discounts and savings may apply in certain circumstances. Seeking the professional advice of an insurance expert can help you save a significant amount on your home insurance.
Yogesh Singh is an Insurance Advisor with UG Insurance. Email your questions to firstname.lastname@example.org or call directly 718-848-7777 to book an appointment for a free Insurance Review with Yogesh.
The views expressed above are solely those of the writer and not necessarily that of THE WEST INDIAN