Understanding what is and is not covered by your homeowners insurance policy can be daunting. If you’re like most, your policy is in an envelope somewhere and you probably haven’t referred back to it for a while (maybe even since buying your home).
Well, go find that envelope! Because in addition to understanding just where you’re protected, you may be able to make some simple changes that can save you money. Homeowners insurance is no place to skimp, but we’ve found seven smart ways for you to save.
1. Increase your deductible: be sure to confirm with your servicer that a higher deductible is acceptable.
2. Avoid Small or Frequent Claims: One more reason to go with a higher deductible
3. Bundle Your Policies: Home and car, for example
4. Reduce Risk Factors: Things like alarm systems and updated heating equipment can earn you a discount (and prevent theft or damage)
5. Ask about Discounts: Insurers don’t always mention them!
6. Keep Your Credit Score Up: Some insurers factor it into your premium
7. Shop Around Some More: Check your state insurance department for rate comparisons or consult an independent agent who sells policies under multiple carriers.
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