Tips To Pay Less On Home Insurance
I’m going to give you a few pointers on how you can save money and make sure you’re not getting ripped off on your homeowner’s insurance.
Tip Number One
Get an alarm. If you already have an alarm and your insurance company doesn’t know about it, make sure they know about it. Insurance companies love alarms because, guess what, if there’s an alarm, no one’s going to steal your stuff. So if you have an alarm, let your insurance company know. If you’ve been kicking around the idea, get an alarm, for your protection and for your bank account. It will help lower your home insurance.
Tip Number Two
This is just a good overall tip for your life in general. Stop smoking. More and more companies are giving you discounts for not smoking. There’s a number of different reasons and factors behind it. Make sure you let your company know that you are not a smoker. And there’s probably a discount on your home insurance for you.
Tip Number Three.
This is becoming more and more common, and more and more insurance companies are giving discounts for having a smart home. What does this mean? That means things that turn the lights on and off automatically, but more important, this is things that you can put under your sink, under your toilet, under your hot water heater that detect water and instantly lets you know on your smartphone so that you can go and shut off the water to your house. There’s even options that will shut off automatically for you the main waterline to your house once one of those detectors senses water. So if you have anything that makes your home a smart home, make sure your insurance company knows. That can help lower your home insurance rates.
Tip Number Four
Raise your deductible. Everybody wants a lower deductible when it comes to car insurance. Everybody wants a lower deductible when it comes to home insurance as well. And I’m not sure why, the lower the deductible, the higher your home insurance premium is going to be. But here’s the thing. You rarely want to file a home insurance claim. The reason you rarely want to file a home insurance claim is because home insurance is for big, catastrophic things, not for teeny-tiny things. Not when your hot water heater goes out and it costs $1,200 to replace. That’s not what it’s for.
Even more, if you have more than two claims on your home insurance within the past five years, it’s going to be very, very hard to find an insurance company who even wants to insure you. And the ones that do want to insure you, the coverage is going to be lacking. So if you have a higher deductible, you’re not going to file as many claims that are unnecessary. You’re going to keep your rates lower, because the higher the deductible, the lower your insurance premium. So raise that deductible, guys. 2,000, 5,000. As long as you’re set financially and you’re in a good place and you have that money in the bank, save money on your premium and hope that nothing happens. But if it does, you have that money in the bank.
Tip Number Five
Use a broker. Guys, I always tell you to use a broker. You’re probably tired of hearing it. But if you use a broker that’s not tied to one specific company, they can search multiple companies for you every year and check rates and make sure that you’re not only getting the best coverage, but that you’re getting the best rate. Only a broker can help you do that. So if you’re not using a broker, use one. They do all the work for you so that you don’t have to call 50 companies to find the best rate and the best coverage.