8 Ways Homeowners Can Save Money on Home Insurance Policies

Everyone’s looking for different ways to save money. Maybe you’ve chosen to lay off the fast food and restaurant hopping in favor of cooking your own meals most days of the week. Perhaps you’ve considered carpooling to work with some of your fellow coworkers to help save money on gas.

These are all great ways to save money, but did you know you can save a bit of money on your home insurance policy? Read about these 8 ways to help you save a few bucks below!

Get a Multi-Policy – If you happen to have policies through different insurance companies, you’re probably paying way too much money for your insurance. Instead, consider getting your policies through one insurance company. Many times, they will offer multi-policy discounts when you sign up for auto and a homeowners or renters policy.

Raise Your Deductible – If you’re not familiar with this term, the deductible is the amount you pay before your insurance kicks in when you have a claim. The higher your deductible is, the less you will have to pay for your policy! Use discretion, however, and remember that you’ll risk paying more out-of-pocket if you have a claim.

Go For a New Home – In the hunt for a new home? Try to look at newer homes. They’re bound to have stronger structures and are typically less likely to have something wrong with the electrical, plumbing, and heating systems than older homes, which can help keep your price on your home insurance policy down.

Don’t Cover What You Don’t Have – Home policies tend to include an automatic protection limit for your personal property, and the amount is actually adjustable. If you find that you don’t need all the protection offered in the policy, you can choose to lower it in order to save some money. Ask your agent to help you with a quick personal property calculation to see how you can save while being properly protected.

Stay Safe – There are usually some sorts of discounts available in home insurance policies. If your home features smoke detectors, deadbolt locks, or burglar alarms, you might be able to take advantage of a small discount. Even some sophisticated alarm systems can help, but be sure to ask your agent first to make sure that the systems you’re thinking of installing count.

Don’t Smoke – Nonsmokers can usually enjoy some sort of a discount if they choose not to smoke. Unattended cigarette butts produce more than 23,000 residential fires nationwide every year, which is usually why there are discounts available to nonsmoking homeowners.

Stay a While – An easy way that many homeowners can save some money on their policies includes being a loyal policyholder. If you like the insurer you have and have been with them for a while, stay put! You could be eligible for some serious savings.

Maintain Good Credit – It’s true – good credit typically means lower rates! Most companies will need your credit history to help determine their pricing structure by seeing how you handle your finances. Those who have good credit will pay less for their insurance in most cases. If you don’t have good credit but want to get it back up to where it needs to be, discuss some strategies with your agent to get started!

Don’t have an insurance policy or need to know how you can save a few extra bucks on your own policy? Just call up your agent from Madison Mutual at 1-800-766-MMIC! If you’re new to the insurance scene, be sure to check us out online at www.madisonmutual.com!