As a homeowner, you're well aware of the costs and maintenance expenses that accompany the upkeep of your home. Many MIG staffers are homeowners too, and we don't like paying more than we have to for our home insurance either. So from one homeowner to another, here are our best insider tips for making the most of your home insurance premiums.
Paying often (ie monthly, semi-monthly etc.) may result in more admin charges and fees. Check with your broker if a one time annual payment is cheaper. You can then set up an online savings account and transfer money monthly to that account to ensure you'll be able to afford the one time payment once it comes.
You may be over-covered! Documenting what you own will determine the most accurate coverage you need, and could lower your premiums overall. Plus, then you'll have a contents list if you ever have to make a claim. Win win!
Home insurance coverage is designed for more disastrous losses. You don't want to be 'wasting' your claims; self-insure where you can, and rely on insurance for the bigger losses. At the end of the day, you don't want to lose your claims-free discount by making a small claim. Claims-free discounts on home insurance policies are great when it comes time to renew. You could save up to a couple hundred dollars if you're eligible for the claims-free discount.
If you feel comfortable with a bigger out of pocket payment towards a claim, you could save on your insurance premiums. If you can afford to pay upwards of $2500 yourself before the insurance kicks in, you could save big, but you should also remember to have that money on hand if you need to use it in the event of a claim.
Insurance companies like to know that your home is being monitored 24 hours a day. Some alarm companies advertise up to 25% savings if you install a fire & burglar monitored alarm system. Check with your broker to find out how you can save.
Easier said than done, we know. But some homeowners that have paid off their mortgages don't realize they can be saving on their home insurance premiums.
Sometimes there are discounts you don't even know about, but your broker does. You never know until you ask. Don't wait to start paying less for your home insurance. Contact us today and we'll be happy to provide you with a fast, free home insurance quote - even if you already have home insurance with another provider. We're here to help!