Lowering your homeowners insurance premium is one of the easiest way to cut back on your large expenses. Below are 3 ways to save BIG… In fact if you can do all 3, your family could be saving as much as 25% a month!
1. Raise Your Deductible
If you can afford to raise your deductible, for example from $500 to $1,000 a month, you’re guaranteed a lower premium
The relationship between a policy’s deductible and premium is simple: as the deductible increases, the premium decreases. Home insurance deductibles typically start at $250. Increasing your deductible to:
- $500 may save you up to 15% on your premium
- $1,000 may save you up to 25-30% on your premium
2. Bundle Your Home and Auto Policies
Another easy way to lower the cost of homeowners insurance is to bundle your home and auto insurance policies using the same provider. This could help you save as much as 20% and this smart strategy offers a little more convenience when it comes to managing your policies .
3. Install Safety Devices
Last but not least, by installing protection devices, you’re bound to save money. Not only is this a smart and simple way to save money, but it can also help you sleep better at night! Check with your insurance agent to see which devices qualify for a discount.
- Fire and Smoke Detectors
- Alarm System
- Sprinkler System
- Deadbolt Locks
By raising your deductibles, combining policies and installing home security devices, you can save as much as 25 percent every month on premiums, according to the Insurance Information Institute.