Are You Paying More Than You Need To For Home Insurance?

After struggling for months to know what to do about our family finances, I realized that there were some pretty big loopholes in our plan. I knew that I needed to insure our family so that I could protect our money in the event of an accident, but it was really difficult to find the perfect plan. I started talking with an insurance broker who could help, and it was amazing to hear the solid advice that he had for us. This blog is all about insuring your family by finding the right insurance policies and keeping your costs as low as possible.

Are You Paying More Than You Need To For Home Insurance?

7 July 2021
 Categories: Insurance, Blog

There is no doubt that a quality home insurance policy is worth its weight in gold. After all, your home is your single most valuable investment and a quality insurance policy allows you to protect this investment. However, that does not mean that you should be paying an arm and a leg for quality coverage. If you feel as though you are paying too much for home insurance there is a light at the end of the tunnel. This is because saving money on your insurance can be easier than you think when using the simple tips below. 

Don't Jump Ship Every Time Your Policy Is Set To Renew

While it is not a bad idea to compare rates from time to time to ensure you are not overpaying, it is not always in your best interest to switch insurance companies even if the other company is offering a slightly lower monthly premium. This is because many insurance companies are more than happy to offer you a discount for your loyalty if you keep your policy through their company for an extended period of time. In many cases, the amount of this discount will continue to increase the longer you stay with the company. 

Choose One Company That Can Meet All Your Insurance Needs

Another way that many insurance companies reward customer loyalty is through the availability of multi-policy discounts. These discounts are available to customers who choose to purchase more than one type of insurance policy through the same company. For example, choosing to purchase your home insurance from the same company as you purchase your auto insurance from could qualify you for money savings discounts on both of these policies. 

Consider Making Upgrades Before Your Policy Renews

If you have been thinking about making some upgrades to your home, you may want to complete these upgrades before purchasing a new home insurance policy. This is because some upgrades to your home can actually qualify you for special discounts on your home insurance. For instance, if you choose to install a security system or fire suppression system in your home, the addition of these systems could qualify you for a rather sizable discount on insurance coverage. This is because the safer your home is, the less likely you are to need your insurance coverage. To reward you for taking steps to make your home safer, insurance companies will often lower your monthly rates. Just be sure to report these upgrades to your insurance agent so that any available discounts can be applied before your policy automatically renews at the end of your current term.