How can I save money on my homeowner's insurance?
The easiest way to save money on a homeowner's
insurance or renter's insurance policy is to increase the size of the
deductible you must pay before the policy will cover you for a loss.
However, it's important to remember this only makes sense if you have
enough savings to pay the higher deductible if you have to make a
claim. Also ask if you're eligible for any discounts. According to
"Get a Financial Life" (Simon and Schuster), "If you
have dead-bolt locks on your doors or live in a doorman apartment
building, you may be able to get a discount of as much as 10% on your
premium. If you have a security alarm, a fire extinguisher, and/or a
smoke detector, you can often get a discount of anywhere from 2% to
20%, depending on the type of system you have." Consider moving
your automobile coverage and homeowner's or renter's coverage to the
same insurance companies. Some insurers offer a dual-policy discount
of up to 15%. Also contact at least three or four insurers --
including a few that sell their policies directly to the public,
without paying a commission to sales agents -- as soon as your
current insurer sends its annual renewal statement to see if you can
get a better deal.