You have more opportunities than you realize to lower the cost of your home insurance. Before your next renewal comes up, try some of these options to pay a little less.
If you’ve been with your current insurance company for several years, there’s a good chance you’re not getting the best price. Talk to an independent agent and they can get you quotes from multiple companies, giving you more options to choose from. You may pay less for the same coverage or pay the same amount but have better insurance.
Increase Your Deductible
Your deductible should always be an amount you can pay if you need to file a claim, but bumping up the amount will cut your premiums. If your deductible is $250, consider $500. If it’s $500, try $1000. This is a great option if you rarely, if ever, file a claim.
Only File the Big Claims
The more claims you file under your insurance, the higher your premiums will be. The rule of thumb is to file a claim if the cost to fix the problem is substantially more than your deductible. Yes, your insurance is there for a reason, but you don’t want to give the insurance company a reason to charge you more either. Note: If a visitor is hurt or has an accident in your home, always file the claim for liability coverage. You never know if someone will sue.
Bundle Your Insurance Coverage
Most insurance companies will give you a discount if you buy multiple types of insurance through the same company. Homeowners insurance and auto insurance is the most common bundle that offers a discount. Talk to your agent to find out if there are any other types of insurance that will qualify for a similar discount like life insurance, boat insurance, or even your college student’s renter’s insurance.
Take Care of Your Home
By adding security and taking measures to protect your Tampa home in a disaster, you may qualify for extra discounts. Something as simple as a dead-bolt and a smoke alarm could save you five percent. Consider adding a high-end security system for bigger discounts. You may also want to add storm shutters or a new roof built to today’s standards to save even more money.
If you have specific questions about your insurance coverage or discounts, make sure to talk to your insurance agent.
Insurance is one of those necessary evils. No one wants to have it or need it, but when the worst happens and a tree lands on your roof or your first floor floods, you’re grateful for it. Always carry homeowner’s insurance but don’t pay more than you have to for it.