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How to Save Money

  1. Shop around: Home insurance is like anything else. Shopping around can help you find a better deal. Get more information.
  2. Don't pay for insurance on your land: A fire or other disaster won't affect the land your house is built on. So when you're buying insurance, only get what you need to rebuild your home. If you cover the total amount you paid for your house, which includes the value of your land, you will be paying too much.
  3. Raise your deductible: The higher your deductible is, the lower your premiums will be. But keep in mind that if you need to file a claim, a higher deductible means you have to pay more.
  4. Buy auto insurance from the same company: Insurance companies often offer a discount of 5 to 15 percent if you buy both home and auto insurance from them.
  5. Make your home safer: Some insurance companies will give you a discount if you add safety features to protect your home against storms, fires and theft. Here are some things to ask your agent about getting discounts for:
    • Adding storm shutters or reinforcing your roof
    • Having smoke detectors and fire extinguishers
    • Installing burglar alarms and deadbolt locks
  6. Ask about other discounts: Some insurance companies will offer discounts for things like a new plumbing or electrical system or if you're age 55 or older. So ask your insurance agent if there are ways you can save.
  7. Review your policy limits every year: As your property gets older, it's not worth as much so you won't get as much money to replace it. If you haven't made any big purchases lately, consider lowering your policy limits.
  8. Stay with the same insurance company: Most insurance companies offer a discount if you've been a customer for more than a few years. But, it's still a good idea to shop around every year or two to make sure you can't get a better deal.
  9. Look for private insurance if you're on a government plan: If you live in a high risk area and you're buying your insurance from the state's high risk plan you might be able to get a better rate from a private insurance company. Often, your state insurance commission will have a list of these companies. Find out more about your state.
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