TIPS FOR SAVING ON HOMEOWNERS AND RENTERS INSURANCE

Posted By kdaigle on February 1, 2023

Whether you own or rent your home, insurance is essential to protect your property and household goods. Comparison shopping for the best rates will certainly save you some money, but you also can save by following these tips:

Choose a higher deductible—increasing your deductible by just a few hundred dollars can make a big difference in your insurance premium.
Ask your insurance agent about discounts. Dead bolts, smoke and carbon monoxide detectors, and security systems, are just some of the home safety features that can often lower your rate.
You also may be able to get a lower premium if you are a long-term customer or if you bundle other coverage, such as auto insurance, with your provider. Some companies also offer senior discounts for customers who are older than 55 years.
If you’re a renter, don’t assume your landlord carries insurance on your personal belongings. She or he likely doesn’t. Purchase a separate renters’ policy to be sure your property—like furniture, electronics, clothing and other personal items—is covered.
Don’t wait until you have a loss to find out whether you have the right type and amount of insurance. For example, many policies require you to pay extra for coverage for high-ticket items like computers, cameras, jewelry, art, antiques, musical instruments, and stamp and coin collections.
Furthermore, not all coverage will replace fully what is insured. An “actual-cash-value” policy will save you money on premiums, but it only pays what your property is worth at the time of loss (your cost minus depreciation for age and wear). “Replacement” coverage gives you the money to rebuild your home and replace its contents.
Finally, a standard homeowners’ policy does not cover earthquake damage. The cost of a separate earthquake policy depends on the likelihood of earthquakes in your area.