Simple Tips To Save Money On Insurance For Your Home

(The following is a guest post)

Insurance for your home and the items inside of your home can be very expensive, so it is beneficial to find ways to save money on your insurance policies.  There are a number of tips available to help homeowners and tenants find the best price on insurance and following these tips can result in the saving of hundreds of dollars every year.  Here are some of the most common ways to save money on insurance for the home.

Consider All Types Of Insurance Companies

Many people choose to obtain their insurance policies from the largest insurance companies simply because of the name recognition and do not realize that they are paying more than they should for their insurance policies.  Considering lesser-known insurance companies, such as CanCanCover, can save you a significant amount of money because these companies do not have the high overhead of the larger insurance companies, allowing them to accept a lower premium and still make a profit.  Take the time to obtain insurance quotes from several different companies both small and large and review them carefully to determine which ones provide the best coverage for the best price.

Choose A Policy With A Higher Deductible

One of the easiest ways to save money on your insurance policy is to choose a policy with a higher deductible.  No one ever really expects to have to use their insurance policies for their home because they believe that they are doing everything that they can to limit the risk of damage to their home and possessions.  By choosing a higher deductible, you are demonstrating to the insurance company that you are confident in your ability to avoid having to make a claim in the future and in return, they will offer you a lower premium rate for your policy.

Ask About Any Discounts You May Be Eligible For

Many insurance companies offer discounts and premium reductions on certain types of insurance policies for the home.  If your home has been built with certain safety features or if these features have been installed since the last time the insurance policy was renewed, you may be able to receive a discounted premium rate for the insurance.  You may also be eligible for additional discounts if you are above a certain age, a member of the military, or have more than one insurance policy with the same company.

Have An Accurate Value For Your Insurance

One of the main reasons that people overpay for their insurance is that they overvalue their home and their possessions when purchasing insurance.  It is important to remember to insure the value of the home, not the home and the land beneath it, and that your possessions are used so they will not command the same value as if the item was brand new.  Before shopping for insurance, calculate an accurate value of the items that you intend to insure and stick to this number when you are obtaining insurance quotes.

Review The Coverage Carefully

It is important to review what is and what is not covered by the policy you are considering before purchasing the policy so that you know exactly what you are paying for.  There is nothing worse than experiencing an accident and finding out afterward that your policy did not cover the type of incident that happened even though you thought that it would.  If the insurance policy under consideration does not cover everything that you need it to cover, you may have to purchase optional insurance riders to create the coverage you need.