It’s time for spring cleaning, and in our opinion, that should include cleaning up your budget and bills. Given that information, today I wanted to offer a few tips on cutting the cost of your homeowners insurance. Here are a few ideas:
- Raise your deductible to $1,000 – Let’s face it…if you ‘have to use your insurance for your home, you’re likely to have to spend WELL OVER$1,000 on whatever the repair might be , and you could save up to 25% off your yearly premium! It’s a good choice! Plus, if you have an emergency fund, like we suggest, of at least $1,000, then you would have the money to cover the deductible.
- Use the same company for both your auto insurance AND your homeowners insurance – This is a no brainer! Most insurance companies offer discounts when you have multiple accounts with them, which could amount to 10% off your premium. No sense paying an extra 10% just to be able to use 2 different companies. Find the company with the best rate for both policies and go with them!
- Check with your insurer to see if they offer loyalty discounts – Not all of them do, but the insurance companies that do will give discounts up to 10%. It’s worth looking into, although you might have to have been with them for several years (at least 5).
- Install dead bolts and/or a security system – Not only is it a safety issue, but it’s a good way to save an extra 5% on the homeowners policy. Check with your insurance company to see if other safety features can be added to your home to increase the discount even more!
Whether you implement all or just one of these tips, you will see the difference on your bill, and that money can be used as savings, debt payment or additional funds for another under-funded budget category. “Trimming the fat” out of each bill is a key way to making your budget work for you!
Tags: Budgeting, Discount, saving money
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