My Home Insurance is Costing a Fortune! Help!

Depending on where you live, you could be paying a small fortune for your home insurance. My home insurance drastically increased after a hurricane hit my area. I was shocked that my home insurance had jumped so much! That same year, I contacted my insurance agent to try to find ways to lower my home insurance rates while still getting the coverage that I required. Here are some of the tips that I found that other home owners can use to lower their monthly insurance expenses.

  1. Safety and Security – I did not own an alarm system prior to the hurricane. However, my insurance agent suggested that I install a new alarm and security system in my home. Not only does the alarm system make me feel more safe and protected, the system helped to reduce my home insurance policy.
  2. Fire Alarms – Most new homes are required to have a smoke alarm every few feet to pass housing codes. However, if you have an older home, you can decrease your home insurance rates if you install or increase the number of smoke alarms in your home.
  3. Join alumni groups or certain organizations – My company did not have this benefit, but my insurance agent told me that some businesses have a group policy that will help you lower your home insurance. Also, other alumni groups will demonstrate your responsibility and show the insurance company that you can be trusted, lowering your insurance rates as well.
  4. Deductibles – One of the top ways to reduce your monthly home insurance costs is to raise your deductible. Raising your deductible is something that you need to discuss with your agent. There are benefits and drawbacks when you raise your deductible, so be sure that this policy change is something that fits your property and your lifestyle.
  5. Shopping around – When my policy initially jumped, I reacted by researching other companies right away. To my amazement, I found a company that offered the same coverage at a much lower price. I brought this quote and its details back to my original agent to see what they could offer me. Remarkably, my agent reviewed the other company’s offer and matched it! I saved hundreds of dollars this way and all it took was a little research and getting free insurance quotes online.

Every owner should review their policy regularly to ensure their coverage meets their needs. If you have valuables, have them assessed at current market value to make sure that your policy will be able to give you the money you need to replace damaged goods. See if you can lower your home insurance when you review your policy today.