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Topics: Property Insurance |
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| 5 Tips for Saving on Homeowner’s Insurance |
Submitted by:
Tip Hero 08/19/2008 3:43 PM
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 A segment by Stacy Johnson of MoneyTalksNews.com provides 5 tips for ways to save on your homeowner's insurance:
1) Raise your deductible. If you’re willing to cover more loss, the cost of your insurance will go down. The example given in the video: if you raise your deductible from $250 to $1000, you could save between 10% and 30% on your premium for not much additional risk.
2) Get your auto insurance and car insurance from the same company, as you might get “multi-line” discounts.
3) Insure only the house and not the property -- at least in some cases. Stacy notes, “If you paid $150,000 for your house, you don’t insure it for $150,000. Why? Because the lot it sits on is not likely to burn down. Insure the house, not the dirt it sits on.”
4) Ask about non-smoking discounts. Stacy says that 23,000 fires each year are caused by smoking, and some insurance companies offer discounts for non-smokers.
5) Ask about other discounts. There are a lot of discounts out there, but not all of them are well-known or advertised. Two examples given: senior discounts and getting a discount for having a burglar alarm.
You can view Stacy's video on YouTube, and you can catch more of his videos on MoneyTalkNews.com.
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Photo credit: KaCey97007 |
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