How to save money on home insurance

Choosing home insurance can be a difficult process—while you certainly want the best protection for your home, you also don’t want to be paying hundreds of dollars more than you have to.

Home insurance is designed to protect your home against potential disasters but that doesn’t mean you can’t save money on your policy. Fortunately, there are a few simple and easy ways to save money on homeowners insurance.

Compare Prices

One of the most important tips for saving money on home insurance is to compare prices and policies. If you take the first policy that is offered to you, there’s a good chance that there is another policy out there that is less expensive.

When comparing policy options, it can be a good idea to start by asking people you know about their insurance—asking friends and family for recommendations can give you a few good companies to look into. You can also look at online reviews and contact companies directly for quotes.

And while comparing policy prices is a good idea, it’s important to keep in mind that price isn’t all that matters. Ultimately, you want the best coverage for the best price.

Another convenient way to compare policies is by using an online tool, like iSelect. When you’re looking for cheap home insurance, you want to compare as many options as possible—iSelect has several policies that you can look at and compare.

By clicking through the website’s home & contents providers, you can see which policy offers what you’re looking for as well as the prices of the policies so you can find one that suits your wants and needs. In doing this, you can compare numerous options without having to call each provider and get a quote from them. This method is easy and can save you both time and money.

Make Changes to Your House

When determining your insurance rate, most insurance companies take your home safety and security into consideration. This means insurers will consider the chances of your home being impacted by a fire, a storm, or even a burglary.

Fortunately, you can make a few small changes to your house that can allow your insurance company to lower your rate. Investing in a security system, affing storm shutters, and even updating your electrical system can all make your home safe—and therefore, could lower your insurance rate.

Bundle Insurance Policies

An extremely easy way to save money on insurance is to bundle your policies. So if you have both auto and homeowners insurance, you may be able to save money by getting your policies through the same insurer. While there may be a fee for switching insurers, you can save money in the end. Most insurance providers offer a lower premium to their customers that have two or more policies through them—so if you’re shopping around for homeowners insurance, ask potential companies about their bundling options with auto insurance, too.

Choose a Higher Deductible

Many homeowners make the mistake of choosing a low deductible because they think they can save money by paying less upfront. But in reality, choosing a higher deductible can help save you money in the long run. The deductible is the amount you pay out of pocket when you file an insurance claim—and once you reach the minimum deductible amount, your insurance covers the rest of the costs.

This means that if you have a higher deductible, your monthly payment will be lower. But one important mistake to avoid is not having the money saved up for your deductible. Consider having a separate savings account that holds the money to cover your deductible so you don’t have to worry about it when the time comes.

It doesn’t take a lot to save money on your homeowner’s insurance—by using a reputable tool to compare policy prices, looking for bundling options, making changes to your home, and considering a higher deductible, you can save quite a bit of money on your home insurance.