How to Save Money on Your House Insurance 

 Originally Written: July 24, 2010

By  Hanna Trafford

Everyone looks for places to cut expenses and save money. Some possible savings are right in front of you – all you have to do is look and have the information to change spending money you could be saving. Insurances are one of those things – here are few points that may help you save on your home insurance. Review of your existing policy is recommended, as is a conversation with your broker or your insurance company sales representative. Ask questions and get answers and you will save money!

Get a Quote Before You Buy

Do this before you purchase your home – you could have some pretty serious money. Seemingly identical homes can actually carry different premiums, because the amount is based on many different factors.The includes proximity to emergency services like the fire department, age of home systems – including heating, electrical and plumbing and others.

Don’t Insure the Land

As much as homes can be damaged in fires, floods and other disasters – not much can go wrong with the land. So purchase enough insurance to cover the value of your home.

Install an Alarm System

This is something that is worth looking into. Get a quote for an alarm system and check with your insurance company what discount you would be eligible for before making the decision.

Add an alarm system to your home; and your insurance company is likely to reward you with a discount, usually 5-10%.

Use One Insurance Company

Purchase all of your insurance policies – auto, home-owner’s, etc. – from one insurance company, and you’ll qualify for a multi-line discount, worth about 10% off of your total premium.

Raise Your Deductible

Give your home-owner’s premium a major trim by raising your deductible – the amount you’re responsible for paying when you make a claim. If you can afford to raise your deductible from $500 to $1,000, you could save as much as 25%.

Hope you found this information helpful – please send in your comments, suggestions and experiences, your input is always welcomed and very much appreciated.

Hanna Trafford

Hanna is the mother of two grown sons Dan and Dusan Nedelko, and is also the Grandmother to Jax, Cohen and Mila. She is the lead editor of Mama Knows and is hoping to create an exchange of communications with other grandmothers, mothers and daughters - giving everyone the opportunity to learn and share about everything that is "Mama"

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