Saving money has become a lost art which has transitioned to the realm of desperation and survival.
I am always blown away at the amount of time that people will spend looking for ways to save fifty cents here and a quarter there.
I am not saying that these efforts are without merit, but the amazement comes from the realization that there are many areas in people's ever day budget that could be adjusted to save hundreds.
While I can't tell you where and how to spend each cent you make, I can let you in on a few ways that you can save money on your homeowners insurance.
These are not necessarily new principles, but I am relating the things I see on a daily basis.
1.
Visit your Agent, and ask them to go over your policy with you.
Don't feel that you are imposing on them when you ask them to educate you on what you are paying for...
well, because you are paying them for it.
You may find things that you identify that you are paying for, but may not necessarily need.
Have there been endorsements added to the policy that are necessary? While I am not recommending taking anything away that you don't need, I would say that it is never a bad idea to have this conversation with your agent.
If your agent does not already request a meeting once a year, it is not unreasonable to request it.
This is something that I request with each of our clients in Tooele.
Things are consistently changing in your own life, and especially if you also have a family.
Keep things current, as you may qualify for new discounts at different point in time.
2.
Consider raising the deductible.
Think of your costs like a teeter-totter.
The higher your deductible, the lower your premium will be.
Likewise, the lower the deductible, the higher the premium will be.
Determine 2 things: a) what your monthly budget is, and what you would like your premium to be close to b) what sort of deductible you can comfortable afford if something were to happen to your home.
Remember that you may go for many years without a claim, but this is no reason to not be prepared.
3.
Do you have all or most of your insurance policies with the same carrier? When you bundle or group your auto, home, and life together, most companies will give you a very significant discount.
Check with your insurance agent to determine the various discounts that you are offered for bundling each line.
While company A may give you a better rate on car insurance, and company B may give you a better rate on homeowners insurance, by combining your car and homeowners insurance together you will save the most overall.
4.
Consider a few areas of your home that you can improve the safety.
For instance, a burglar alarm increases the safety rating of your home dramatically.
In many cases the discount will offset monthly monitoring fees imposed by security system monitoring.
While companies may differ in the amount they may give, there are undoubtedly discounts available.
Check with your agent to learn more about what will and will not help you improve your home while saving money.
For more information on how you can save money, contact Agent, Matthew Yack with any questions.
Remember that the more educated you are, the better you can be aware of what savings are available to you.