Debt Free

If you’re a home owner, it seems the expenses are never ending. You’ve got the mortgage, property taxes, that new roof, leaky plumbing, that worn out garage door, and of course, your home owner’s insurance. Some things you just can’t do anything about. If your roof is leaking, you should probably get it fixed, unless you like that rain-on-the-head feeling. Some things you can’t eliminate, but you can make them less expensive. 

NOTE: It amazes me how many people don’t control the moss on their roofs. In some locales you’ve no doubt observed so much moss on some of your neighbor’s roofs, it looks like they’re conducting some kind of sick science experiment. Hey! Moss is too easy to control to neglect doing so. Neglecting this little bit of inexpensive home maintenance will make sure you’ll be buying a new roof instead of that sports car you’ve always wanted.

Okay, enough of that little digression. Insurance is like a trip to the dentist; it’s expensive, painful, and you hate it. Here are some easy ways to make sure you’re not spending more of your limited cash on your home owner’s insurance than you have to.

#1 Way to Save Money on Your Home Owner’s Insurance
Raise your deductible. In many cases, your deductible is just too high. You probably don’t want to file a claim for trivial losses anyway. They’ll just come back to haunt you in the form of increased insurance rates or blacklisting anyway. Make your deductible at least $1,000. It could save you up to 25% with some insurers. That trick works great for your car insurance too.

#2 Way to Save Money on Your Home Owner’s Insurance
Get a home security and fire alarm system. Some insurance companies are really starting to give large discounts for monitored security and fire alarm systems. The discounts can run into the 1,000s of dollars per year, depending upon the size and location of your home. In fact, some insurance companies are requiring their insured to have a monitored fire alarm system in some areas.

#3 Way to Save Money on Your Home Owner’s Insurance
Get the multi-insurance policy discount. It’s standard practice to offer a nice discount for getting all your insurance through the same firm, especially your auto and home insurance. Check into this. Sometimes, even if you may find one or the other for a little bit less with one company or the other, the discount can more than offset the savings from the individual carriers.

#4 Way to Save Money on Your Home Owner’s Insurance
Maintain a good credit score. Oh! There it is again; your credit score, affecting other parts of your life besides your interest rates and loan availability. As with many auto insurers, it’s fairly standard to somewhat correlate home owner’s insurance rates to the insured’s credit score. Keep your credit score up and your insurance payment low.

#5 Way to Save Money on Your Home Owner’s Insurance
Think before you lift a hammer. Before you start on a home renovation or remodeling project, find out how certain modifications will affect your insurance rates once the project is completed. You may be surprised how much of a difference certain things can make. Also, make sure you get a permit for the remodel. Failure to do so can result in your insurance not covering the completed project.

#6 Way to Save Money on Your Home Owner’s Insurance
You should just ask. Ask your insurance agent what else you can do to help lower your rates. If you have a good agent, and a good relationship with them, they should help review your policy, requirements and your property to see how you are getting the necessary coverage for the best value.

#7 Way to Save Money on Your Home Owner's Insurance
Shop around. There are places that will provide you with free quotes from multiple insurers, greatly helping you to find the lowest rate. A great place for this is InsightQuote.com.

Have a great weekend. If it applies; Happy Father’s Day.