WASHINGTON, D.C. – June 9, 2015 – (RealEstateRama) — As consumers strive to continue making a living in the ever changing economic climate the urge to find ways to cut back and save are imminent. For homeowner’s in particular, the overall cost of the mortgage and property taxes can quickly become a burden. Adding to that burden is the expense of having insurance. While it can be comprehended that insurance is necessary to avoid having to pay large out of pocket expenses for incidents beyond their control (burglaries, vandalism, or natural disasters), most homeowners would agree that it’s an expense they wish they didn’t have.
What many homeowners fail to realize, however, is that there are several opportunities for them to lower their monthly insurance bill by hundreds of dollars. Finding it, simply requires a little digging.
It can be pretty commonplace for consumers to “go for what they know”. If they’ve heard about a particular insurance provider through a friend/family member, real estate agent, or mortgage company, chances are they’re going to go with the recommendation they’re given. While having a good recommendation for a product or service is beneficial, when purchasing something as significant as homeowner’s insurance, it’s always best to do a little research on your own.
States such as California now have online tools that help consumers to shop for the right homeowner insurance policy. What makes these tools ideal is that consumers not only get to compare several policies for the price, but consumers can now ascertain which policy will provide them with the best coverage possible. By comparison shopping, consumers can save a great deal of money and assure that they are protected to the fullest extent.
Update Home Security Systems
Homeowner’s insurance is provided as a safety net of financial protection in the event that something happens to your home that was beyond your control. If you can find a way to improve the safety and security of your home on your own, your insurance provider considers you less of a risk and will pass the savings on to you. By installing a qualifying home security system, homeowners could save a significant amount of money each month.
Consumers are not obligated to invest in an expensive security system to qualify, as many basic security systems still provide a level of protection that would warrant additional savings on insurance. No matter which security system you choose, you should be able to receive features that include: a digital keypad, infrared interior motion detectors, door and window sensors, sirens, a keychain remote, backup battery, yard signs, and a manual police/fire department/medical alarms.
You can check out specifications on all these features at http://home-security.co/adt-home-security/New-York/. Depending on your city, you can look for specific plans.
Increase the Deductible
Though increasing the deductible can save homeowner’s a great deal of money on their insurance policies, it is advised that you proceed with caution. The deductible is the amount of money that the policy holder is required to pay should a claim need to be filed with their insurance company. This amount must be paid prior to the insurance company stepping in to resolve whatever financial burdens remain. As such, if a consumer cannot afford a high deductible, then doing this simply to save money would end up costing you in the long run. However, if you can afford to bump up your deductible even by $100 you could save a decent amount on your policy each year.
Find Package Deals
Many insurance companies are branching out and providing more than one type of policy. While in times past, consumers would have to have separate companies for their home and car insurance, they can now get a package deal and save even more money. As major insurance companies look to attract a particular demographic, one of the first options is throughbundling insurances such as car, home, and life. In doing so, insurance companies are increasing their profits and will ultimately be able to justify providing you with better discounts.
By combining the above savings opportunities consumers could easily get their homeowner’s insurance costs down by a hundred bucks or more. Ideally before trying the above options it is strongly advised that consumers first consult with their current insurance provider. Many companies in an effort to retain good customers will work out a discount to increase your savings. They can provide consumers with a list of options they have and assist them in getting as much savings as they can each month.