Adjusting Home Insurance Policies Leads to Savings
9 December 2009
For homeowners looking to save a considerable amount of money on their insurance premiums, a new article from InsuranceAgents.com recommends you dig deeper into your home policies to find savings. With insurance companies struggling to make up their loss in profit by raising homeowners insurance quotes steadily, homeowners should be aware of what quick tips can make their premium stay affordable. The article, “Home Insurance Policies: Your Options,” demonstrates four ways homeowners can adjust their insurance policies to save up to hundreds of dollars each year on premiums. The four recommended ways include boosting the policy deductible, living in low-risk areas, and demonstrating selectivity when insuring content in the home. “Before purchasing home insurance policies, homeowners should take an inventory of personal belongings and home content. You may realize that you don’t want to insurance everything on your policy (perhaps not every item is necessary to replace in the event of a disaster),” according to the article. “Instead, insure the things you really would want replaced and are too valuable to ignore including on home insurance policies.” Another easy and quick way to save money on your home insurance policy is to raise the deductible. The deductible is what you pay out of pocket before your insurance company steps in and covers the rest of the bill. So your deductible usually should be a reasonable amount, something you can realistically pay if an accident or disaster occurred. However, InsuranceAgents.com suggests a way that, for some homeowners, may save a significant amount of cash each year: triple your deductible. “The money you save from raising your deductible can be put into an interest-bearing bank account; if the time comes where you have to file a claim, the amount in the account may be much more than your deductible!” Another way to save money is by shopping online for insurance quotes. A local agent or carrier may be able to provide you the same coverage and policy (or better) for the same rate. It doesn’t hurt to check—shopping online for quotes is fast, free, and easy for homeowners looking to save a little money. Check InsuranceAgents.com for more information.