If you own a home and currently have a mortgage, it is a requirement for you to have homeowners insurance. In recent years, this type of insurance along with all other types of insurance, have been steadily on the rise. Listed are some easy ways to learn how to save money on your homeowners insurance bill and cut your homeowners insurance premiums.
After receiving a quote, you must look over the policy being offered. Many times there are unnecessary additional items which you can remove to save some money. Sit with your insurance agent and go over every line item on the insurance policy quote. They will be able to explain each item for you so you can determine if it is necessary.
-By raising the deductible, you will decrease the cost of the insurance policy. Be sure not to raise it too much and make certain that you are comfortable with the proposed deductible. Whatever your deductible is, you should have available in savings to cover that costs should something happen.
-Do not insure the land that your house sits on. If you deduct the value of the land from the total value of the home, you will have the amount of coverage you should carry.
-Do not add in the value of a shed to the value of the home. Outdoor personal properties are covered under the line item “unattached structures”.
-Do not add in the value of a pool. But you should carry a high personal liability such as $300,000 if you have a pool.
-Try to get a policy with the same company as your auto insurance. This will give you a multiple policy discount.
-You will receive a discount for items such as security systems and hurricane shutters (if you live in a hurricane prone area). Make sure to tell your agent about this.
-Make sure to tell your agent of any major repairs you have made such new electrical wiring, heating system, air conditioning system, roof and plumbing. You will also receive a discount for these items.
-If you are over 55, ask if you can receive a senior citizen discount.
-Call several insurance agents for quotes. Do not stop and accept the first quote you receive. You will be surprised to see the different quotes you receive from different companies.
Homeowners insurance is a necessity and something that you need to take control of. While at the same time you want to save some money, you also must be comfortable with the policy that you agreed on. Next time you are renewing your policy, don’t forget to take a look at this list of ways to cut your homeowners insurance premium.