4 Ways To Make Sure You're Getting The Best Deal On Your Homeowners Insurance

Homeowners insurance is one of those necessary evils that you pay for monthly but hope you never have to use. It's important to have a good policy, but there is no reason to pay more than you have to for coverage. Use the following tips to ensure that you get the best deal on your homeowners' insurance:

Make Sure You Have the Right Coverage

Many homeowners get confused when trying to decide what size policy to purchase. When looking at homeowners' insurance policies, it is important to know the difference between the value of your home and the amount it would actually cost to rebuild it in the event that it is completely destroyed. You do not need to buy a policy that is equal to or more than the value of your house, since you own the land and the actual cost to rebuild is usually a lot less than the actual value of your home. Determine what the rebuilding cost would be and then factor in the value of your belongings when choosing what size policy to purchase. This will ensure that you're not paying for a more expensive policy that you don't really need.

Up Your Deductible

Like most insurance policies, the higher your deductible, the less you pay in monthly premiums. If you want to save money, increase your deductible as much as possible and then keep the deductible amount in your emergency fund in case you ever need it. Most homeowners do not make homeowners' insurance claims very often, so the savings from having a policy with a higher deductible can add up to a substantial amount over the course of several years.

Focus on Home Safety

The more you do to make your home safe and protected, the less you will pay in homeowners' insurance premiums since your home will be considered a lower risk to insure. Consider having a monitored alarm system installed, switch out your old smoke detectors and replace them with new ones that also detect carbon monoxide, think about putting in fire sprinklers, and have a fire extinguisher on each floor of your house. Whenever you make an improvement that makes your home safer, contact your insurance company to see if you qualify for a discount on your insurance rates.

Buy All of Your Policies from the Same Company

One of the easiest ways to save money on homeowners' insurance is by purchasing all of your insurance policies from the same company. Almost all insurance companies offer discounts to people who hold multiple policies, so choose the company with the best deals and buy your auto, life, and homeowners' insurance from them.

For more information, contact a company like the Ronald H. Krupa Insurance Agency.