Review Your Policy

Have you reviewed your homeowners’ insurance policy recently? If not, now is the perfect time to look over your policy. It’s a good idea to annually compare the limits in your policy and assess the value of your possessions. If you make any major purchases or additions to your home throughout the year, make sure they are reflected in your policy.

The following are some tips that may reduce your homeowners’ insurance costs. Just keep in mind that insurance companies vary and these suggestions may not apply to your policy. For specific details, contact your insurance agent.

  • Increase your deductible. If your deductible is $250, increase it to $500. Doing so may cut your premiums. You’ll have to pay more if you make a claim, but you’re likely to save money through time with lower premiums.
  • Secure your home. By installing a burglar alarm, deadbolt locks and smoke detectors, you may save up to five percent per security measure. Some insurance companies offer up to a 15-percent discount if you have a central alarm system that’s wired directly to a monitoring facility or police department.
  • Buy your home and auto insurance from the same company. Some companies offer discounts between five percent and 20 percent if you purchase more than one policy from them.
  • Depending on your insurance company, certain home improvements may qualify you for a policy discount. Updating such systems as plumbing and electrical are examples. Be sure to check with your insurer, however, before making costly renovations.


You may also be able to save on your other insurance needs. It’s a good idea to annually review all of your insurance policies, especially if you have changed major aspects of your life within the past year, like receiving a promotion, getting married, buying a car or remodeling your house. As your life changes, so do your insurance needs and a few minutes of your time could save you hundreds of dollars.