3 Simple Ways To Save Money On Your Home Insurance

Posted on: 23 December 2015

In most situations, you may be required to carry home insurance. This is especially true if you have a mortgage. However, whether or not you are required to have insurance on your home, you should still have insurance to protect yourself and your investments in your home. Yet, just because you should carry home insurance, doesn't mean that you need to overpay on the premiums. Here are a couple simple things that you can do to lower your home insurance payments.

1. Don't Confuse Rebuilding Costs With What You Paid For The House

When you insure your home you probably have clauses in the policy that help to pay for rebuilding costs if the house were to burn down or experience some other kind of disaster. When you insured the house originally you probably estimated the value of the house as what you originally paid for it, however that may not be accurate. When you bought the house you paid for the lot, you may have paid more because of an inflated market and a myriad of other things. When you rebuild you will only need to pay for labor and materials. You won't be paying for your lot and location again. For this reason, you should have your property appraised solely for the cost of the home, and then insure the house for that much.

2. Improve Your Home Security

Your home insurance doesn't just cover the cost of the house if there were a disaster of some sort, it also helps to pay for loss and damage from theft and vandalism. This means that the safer and more secure your home, the less likely you are to file a claim against the insurance for your losses.

The insurance company knows that when your home is safer, they save money, which is why they pass on the money they save to you. You can get a discount on your insurance by notifying your insurance provider that you installed a security system and took other measures to improve your home security.

3. Bundle Your Policies

You probably carry multiple insurance polices from multiple carriers. For instance, you probably have home insurance, life insurance, auto insurance and so forth. If you can get all of your policies from the same carrier, you can get a discount on your monthly premiums. This is a simple and effective way to save money.

These are just a couple easy things you can do to save money on your home insurance coverage. 

To learn more about home insurance, contact a company like Accredited Insurance Group Inc

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