Reducing Your Property Insurance Premium

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Simple tips can help you save

Most people would like to get the best deal they can, and today many insurers offer different types of discounts or other incentives. But there are also other simple steps you can take that may help to lower your premium.

Here are a few ideas that could help you save on insurance, along with a look at various discounts you may be eligible for.

Reassess your situation
Consider increasing your deductible
Always compare
Discounts and incentives

Reassess your situation


All of these things are good reasons to consider increasing or decreasing your coverage.

  • Find out if your insurer automatically increases your policy limit annually to reflect inflation. The increased limit may not be necessary, if you determine that your coverage requirements have decreased.
  • Don’t include the market price of the land in the total insured value of your home. Your insured property does not include the underlying land. Your home should be insured for the replacement cost (what it would cost to rebuild). Otherwise, you could be paying higher premiums for nothing.
     

Consider increasing your deductible

Always compare

Discounts and incentives

Make sure to look into discounts, whether you’re buying a new policy or renewing an existing one. These are some things to ask about: