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Homeowner’s insurance is a necessity as a homeowner. It protects your home and belongings from disasters that can happen, such as fire or theft. However, the cost of homeowner’s insurance can be daunting for some homeowners who have to save up just to afford it each year. Here are five tips on how you can save money on your homeowner’s insurance!
- Shop Around: The first tip to save money on homeowner’s insurance is to shop around. Many companies offer different packages for homeowners, so you might find better rates if you look at more than just your current company! It never hurts to ask friends and family about their experience with other insurers before making a final decision as well.
- Increase the Deductible: Increase the deductible amount on your policy. The higher the deductible, the lower premium costs will be per month or year depending on how often it needs changing (usually every six months). For example, maybe instead of paying $200/month now, you can pay $250/year; this is a $100 savings!
- Bundle Your Policies: Bundle your homeowner’s insurance policy with other policies you have, such as car or health insurance. Many companies offer discounts for those who bundle their policies together- so it’s definitely worth looking into!
- Remove Extras: Remove any extras on your policy that you don’t need. For example, if you live in a small town without the risk of theft, remove the “theft” coverage from your policy. This could save you anywhere from $20-$50/year, depending on the company and plan you choose.
- Renew Yearly: Renew yearly instead of every six months or every two years like some companies require. This keeps your rates low since they are averaged out over 12 months instead of just six or two.
Saving money is essential, especially when it comes to something as crucial as homeowner’s insurance. You can save hundreds of dollars on your homeowner’s insurance policy by following these five tips! Just remember always to shop around and compare rates before making a decision.
