It's not the easiest time to save money, especially when the entire country has closed down because of concerns about spending. Some things never change, though – particularly anything that relates to your home. Now seems like as good a time as any to review the coverage plans on where you live; whether you're renting an apartment, sharing a duplex or have your own home outright, you're sure to have lots of personal items that need protecting.
With this in mind, here's a guide on how you can drop your monthly insurance costs. While there's sure to be some tips that you'll already know and use to get a good deal, you're certain to find another way to get more value for money from this list…
First things first – online comparison
Online comparison tools are great ways to find cover. After all, we use things like PriceGrabber for everything else, so why not insurance? Check the web to see how much you can save on a new policy, but beware – you'll lose out on local deals, and some companies don't list their offers online.
The obvious choice: a higher deductible
Most people know this one, but often overlook it – especially when renewing their coverage. Considering a higher deductible – just a few hundred dollars – can really drop your premiums.
Don't expect discounts – ask for them
Insurers will often fight to keep you – it's a competitive market. As such, you should be frank with your policy provider and sway them with threats of getting a better deal elsewhere – they'll probably budge a little!
Get a specialist insurer on your side
Our friends in the UK are a little ahead of us when it comes to specialist insurers. While we have options for the US armed forces and much more, the UK has ones for people in unions, such as UIA; over six million people in big national unions such as Unite and UNISON get special benefits. If you work in a certain trade, you never know – there may be a local, or even national, network for you.
Fittings to make your home more secure
A lower premium may be on the table for you if you simply fit your home with safety features that only cost a few dollars. Dead-bolt locks, fire retardant materials, smoke detectors and home security alarm systems cost varied amounts, but they may only cost the money you’d save in 12, six or even three months simply by having them – and your home will be more secure.
Finally, think of the building – not the land!
Too many people insure the land under their house, but it's a little pointless – obviously, if a disaster strikes, the land will still be there. Subtract the value of the land when deciding how much homeowner's insurance you invest in, otherwise you'll pay more than you should.
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