Take a few moments the next time your insurance bill arrives to look it over. The Insurance Information Institute suggests taking a look at your bill and call around for comparisons. It may take a little time, but you could save big. The average family’s car and home insurance totals over $2000.00. If you could save just15%, that equates to $300 a year. Here are a few other ideas for saving some bucks on insurance:
1. Raise your deductible. Typically, insurance companies start their deductibles at $250. If you raise your deductible to $500 you would save 12%, $1,000 you would save 24%, and a deductible of $5,000 would save you 37%.
2. Purchasing your car insurance and home insurance from the same insurer will typically save you 5% to 15%.
3. Take measures to increase your security. Add dead-bolt locks, burglar alarms and fire alarms.
4. Did you know that smoking account for more than 23,000 residential fires a year? STOP SMOKING!! Some companies offer a lower premium to non smokers.
5. Find a good company and stay with them. Some companies offer discounts to policy holder that have been with them for several years. As little as six years may get you a 10% deduction.
6. At least once a year review your policy limits to the value of your possessions. Make sure any new major purchases are covered.
7. Insure your house, not your land. The land that your house sits on is not at risk for fire, wind, theft or other perils that your homeowner’s policy covers so don’t include its value in deciding how much insurance to buy.
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