Your home is the fulfillment of years of efforts and saving, and is the most valuable asset you will ever possess. While it is not necessary by law to purchase home insurance, protecting your largest investment is a must in the event of a mishap. Unexpected disasters can occur without warning, so it goes without saying that you have to protect it. Insurance premiums can be expensive depending on where you live and what kind of property you own. A regular homeowner’s policy protects your home and its assets, as well as any third-party liability.
Need of Insurance
You might be looking for ways to save money on insurance premiums, which is understandable. However, given the many different schemes of different insurance firms, it can be frustrating and difficult. You’ll need to know a few tricks to get the best premium.
Following are some tips which can help you save money while purchasing home insurance.
Higher Deductible, Lower Premium
- A higher premium is normally associated with a lower deductible (the amount you pay out of your pocket while making an insurance claim). Lowering your premiums is a simple way to cut your monthly or yearly payment.
- Consider raising the deductible to lower the insurance premiums on a monthly or annual basis. This can save you a lot of money in the long run, particularly if you don’t need to file a claim for a long time. Many people file their first insurance claim only after 10 years or so.
- If you are going to increase your deductible, make sure you have enough money set aside to cover the large deductible in the event of a mishap.
Bundle policies for easy savings
- Have you noticed that a combo meal costs you less than individual dishes at restaurants? This is because they prefer selling you more, than to selling you less.
- The same idea applies to insurance companies too. Most insurance providers reward customers who have several policies with them. Bundling your insurance plans will save you between five and fifteen percent on your annual premiums.
- Hence bundling the insurance premiums will save you a lot of money. Consult your agent for consolidating all of your other plans with your homeowner’s insurance.
Make your home more disaster resistant
- Your premiums will be higher if you have a higher chance of having to repair your house.
- Insurance firms evaluate your home for possible claims and risk factors. You could be eligible for a discount if they believe your home’s protection makes you less likely to file a burglary charge.
Installing a security system is a simple upgrade that can result in a lower premium.
- If you live in an earthquake-prone area, you need to ensure that your home is firmly anchored to the base. If you live in a hurricane-prone area, installing hurricane shutters and hurricane-resistant siding can also help protect your home during a storm.
Explore different insurance companies
- Exploring different plans provided by different insurance providers is the perfect way to get the best price on your insurance policy.
- What one policy may provide you with might not be available in the next.
- So do your research and choose the plan which suits you the best.
Exclude land value
- You can insure your home for the sum of money which will cost you for repair if your house was about to be destroyed. There is no need to insure your home for its full market value.
- If your land is covered by your insurance, consider dropping it. Only insure for what you consider it necessary.
Unforeseen catastrophes can strike at any moment! In the event that you misplace your home insurance documents, you will be unable to file a claim. So don’t forget to get e-Insured. e-Insurance is a digital vault that allows you to view all of your policies in one convenient location.
Creating an e-Insurance account takes just a few minutes but comes with life long benefits.
e-Insure today with PolicyGenie. Click the link below.