April 8th, 2014
As a first-time homebuyer, you may have a tough time navigating these uncharted waters. From meeting with realtors to inspecting the school districts in the neighborhood, you may start to be overwhelmed with all of the responsibilities that come along with this major investment. One area that can be particularly tricky is purchasing homeowners insurance. This type of insurance plan is important to have because it can cover the losses if your home is damaged by an accident.
These plans can also be a bit expensive. There are a number of ways to save money on homeowners insurance, including these:
Raise the amount of your deductible When you want to sign up for a plan, you will have to put down a deductible before you are covered. To help you save more in the long term, you can try raising your deductible. It may seem counterproductive to spend money to save it, but it will cut down your premium by a good chunk. Doing this will also have little risk, so you won't have to fret about your home not getting insured in the case that it is severely damaged by a fire or robbed.
Weather-proof your home
Planning goes a long way when you are trying to save money on your insurance plan. You never know when damage to your home will occur, but planning ahead by disaster-proofing your home will help protect your home and save you a few extra bucks. By installing storm windows or making sure there are no tree branches near power lines, an insurance provider may provide you some discounts for having these safety precautions in place. Every company is different when it comes to offering discounts, so make sure you do your research beforehand.
Install a security system
Homeowners insurance will not only protect your home in the event of a natural disaster, but it will also assist you if your residence was broken into. To help protect you in case this situation happens, you can install a home security system. Like discounts for disaster-proofing your home, you can also receive the same for having a security system. A standard system will not only ensure that you and your loved ones are safe, but will also help you save money in the process.
Make a list of valuables
Your insurance will cover the cost of your possessions if they are damaged. But this option will go to waste if you have not kept track of the number of possessions you have. An insurance company may offer you a little wiggle room, but you will not be covered if you can't show any evidence of owning any of these items. Make sure to jot down every single item in your home that you want to be insured. Keeping receipts and even taking photos of everything will help you get these items covered.