Tag: house insuranceIf you know somebody that doesn't like to spend money then chances are if you listen to them long enough then you will pick up tips on how to save money. I picked up a good one quite recently regarding saving money through my house insurance.
Think about your deductible. When I first started paying house insurance my deductible was $250. What I didn't realize was that the price you pay on your total annual house insurance cost is based on your deductible. The less your deductible is, the more your house insurance is.
Of course, this all depends on your current financial situation but if you have a piper burst that is going to cost you $350 to fix are you going to put it through insurance and risk having your rates go up or are you going to get if fixed and forget about it? If you have a break-in and they steal your $800 tv are you just going to replace it or put it through insurance? We both know that unless something major happens to your house you are not putting anything through insurance.
Then why not save some money each month or each year and bump your deductible up to an amount where you say to yourself and feel comfortable with just paying it off. Right now, I have had mine bumped to $1,000 for the past three years. Unless something that costs over $1,000 dollars happens I am not putting through insurance. It's a number I feel comfortable with and I benefit from the lower monthly or annual payment.
Think about what you can afford in the case of a minor happening and talk to your insurance company about increasing your deductible.
It's always interesting how some people will shop around for days or even weeks before buying a lawnmower or a set of golf clubs but are happy paying the same insurance rates year after year. I was in the same boat, with the same company for year, paying the same rates that were going up every year. I woke up when I couldn't get my agent to call me back for a car insurance quote. I started calling around and found that I wasn't getting the best rate to begin with. Lesson? You are never too busy to take time out of one day a year to call around to different places and see how their rates stack up with yours. If you have like me you might just end up saving some money.
