HOME INSURANCE
5 TIPS TO SAVE MONEY
#1
Use an Independent Insurance Agent
By far the best way to shop for insurance is to let an Independent Agent do the shopping for you. They represent many companies with many different policies so they will be able to custom tailor a policy to fit your needs. Companies that sell directly (or through agents that represent only the one company) simply can’t do that.
TIP
#2
Carry Higher Deductibles
Are you one of those people who have carried home insurance for years and years yet have never filed a claim? If you are someone who rarely file claims, it makes sense to consider a high deductible of $2,500 or $5,000. Often, carrying a higher deductible can save you 30%-60% in home insurance costs every year.
TIP
#3
Bundle Your Auto and Home Insurance
Keeping your auto and home insurance with the same agent can save you hundreds of dollars on your home policy. This doesn’t necessarily mean they have to be with the same company. Carriers that don’t write auto insurance will often give you the discount if you use the same agent for both your auto insurance and home insurance.
TIP
#4
Eliminate Coverages You Don't Need
Some companies will let you eliminate coverage for some things you don’t need in exchange for a discount. A good example is the ability to remove Dog Liability from a Mercury Insurance home policy. If you don’t own a dog and never dog-sit for a friend or relative, you can lop 10% off of your policy by excluding that coverage.
TIP
#5
Beware of Bare Bones Policies
Often bare bones policies have no or very limited coverage for water damage, by far the most common of homeowners claims. Also, they might not even provide coverage for theft at all! A bargain-basement policy is no bargain if it doesn’t pay your claim!
TIP