Your home may be the biggest investment your family makes. That’s why homeowners insurance is so important. But that doesn’t mean you should pay more than you have to. Here are some ways to save money on this important coverage:
Raise your deductible. Generally, the higher your deductible, the less you’ll pay for coverage. This applies to most types of insurance! You may be surprised to learn just how much you could save by raising your deductible from $250 to $500 or from $500 to $1,000. The key, of course, is to have enough money set aside so you can pay your deductible in the event you have to make a claim.
Bundle your policies. Purchasing homeowner’s and auto insurance from the same company can save you money. Ask about any discounts for purchasing other types of insurance, too.
Review your policy annually. Are you taking advantage of available discounts? Is all the information about your home, including square footage and amenities, correct? Review your policies annually to make sure you’re not missing out on any money-saving opportunities.