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Jamey Toney
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Here are 10 ways you can save money on your homeowner’s policy:
1. Shop around: Check with many different insurance companies to get rate quotes. Do your friends or family members like their insurance company?
2. Increase your deductible to:
$500 and save up to 12% on your premiums
$1,000 and save up to 24%
$2,500 and save up to 30%
3. Buy your home and auto policies from the same company: Many companies will give a multi-line discount if you buy both homeowners and auto coverage from them.
4. Consider insurance when buying a home: If you're looking at buying a home, think about the cost of insuring the home. A newer home's electrical, heating and plumbing systems and overall structure are likely to be in better condition than those of an older home.
5. Insure your home, not the land: Your home and its contents are at risk from fire, theft, windstorms and other perils. However, the land on which your home sits is not. Don't include the value of the land in deciding how much homeowners insurance to buy.
6. Improve security and safety: Items such as deadbolt locks, burglar alarms and smoke detectors usually can bring discounts of 5% each, depending on the company.
7. Stop smoking: Smoking accidents account for more than 25,000 residential fires every year. Some insurers offer to reduce premiums if no one in the home smokes.
8. Senior discounts: Insurance companies have found that retired people stay at home more and spot fires sooner than working people. Older people also have more time for maintaining their homes.
9. Stay with an insurer: If you've kept your coverage with a company for several years, you may receive special discounts.
10. Check your policy annually: You want your policy to reflect the value of your home and belongings. If you review your policy every year, you will be able to make the necessary adjustments.
Jamey Toney is an exclusive multi-line agent with Cotton States Insurance. Please email an questions or comments to Jamey.toney006@cottonstates.com.
