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4 Ways to cut your home insurance costs

Get insured for only what you need. While most home insurance policies cover personal belongings such as appliances, clothing, furniture and electronic equipment, some policies have limits on specific items, while some items have no coverage and need to be added under special clauses. Do a careful check of what you own, and make an inventory of all your possessions, making note of the approximate cost to replace each item, along with makes, models, serial numbers and other identifying marks.
1. Get insured for only what you need.

While most home insurance policies cover personal belongings such as appliances, clothing, furniture and electronic equipment, some policies have limits on specific items, while some items have no coverage and need to be added under special clauses. Do a careful check of what you own, and make an inventory of all your possessions, making note of the approximate cost to replace each item, along with makes, models, serial numbers and other identifying marks. Documenting what you own is important to make sure your insurance company replaces exactly what you owned and not a cheaper substitute. Another benefit of knowing what you own is that you may discover you have more coverage than you need for your possessions and thus can get by with a lower amount of coverage that can lower your premiums.

2. Raise your deductibles.

Raising your deductibles can lower your premiums significantly. Ask your agent for the different premium levels when you change your deductibles from the lowest they offer to a higher figure. As your deductibles are increased, your premiums will lower, and there are great savings to be had. With higher deductibles however this means you pay more out of pocket when you have to make a claim.

3. Get an alarm system.

Insurance agencies can give a discount when a monitored alarm system is active in your home. Not only do you have peace of mind that your home is secure, but you can also benefit on your home insurance premiums with a  nice discount that can add up to a very large savings on your yearly policy.

4. Pay annually.

Most companies charge extra when you want to break up your annual payment into twelve small convenient monthly charges, and this will vary from company to company. Some will charge a percentage and others will have a set amount as a onetime admin fee. You can save on these fees by paying for your home insurance policy in full at the time it is due.