4 Unique Ways to Save Money on Home Insurance

Published: January 18, 2017  |  by Miles H.

 

You’ve probably spent a lot of time trying to lower the interest rate on your mortgage, but not on you haven’t done the same for your homeowner’s insurance. Homeowner’s insurance is a big financial burden that prevents us from spending our hard-earned money on the things we love. And, to make matters worse, you’re probably wasting hundreds of dollars a year by not lowering your homeowner’s insurance. Here are some tips to help you save money:

1. Invest in a Home Security System: Believe it or not, installing a home security system in your home will often decrease your homeowner’s insurance. These systems aren’t cheap, but can save you 5-15% per month on insurance. Plus, they buy you peace of mind - which no one can put a dollar sign on.
2. Maintain Good Credit: This is a solid one- having good credit can decrease all of your bills, but especially your insurance. Insurers are increasingly using more credit information to to price their homeowner’s insurance plans. Pay your bills on time, be aware of the amount of credit you have, and try not to close or open any new credit accounts.
3. Buy Your Auto and Home Policies From the Same Insurer: If you are insured by the same company, the insurer often offers you large discounts. But, do your research and see if your insurer offers this.
4. Ask: You’d be amazed as to how many people want a discount, but don’t ask for one. Call your insurance agent, and tell them, politely, that you need a rate reduction or you’ll consider other companies. Use your negotiation skills and watch the savings pour in.

Saving money on home insurance is another way for you to accomplish your financial goals in the short and long run. Don’t waste any more money on the things you don’t love, and start spending it on the things that you do.