Save money on homeowners insurance by purchasing a policy with higher deductibles. Do you remember purchasing your first home? Every weekend, you set out to search for the perfect house. After what seemed like an endless pursuit, you finally found “the one”—and could actually picture yourself living in it.
Then the whirlwind of financing, contracts, and trying to compare insurance quotes and find the best prices on homeowners insurance blew in like a swift-moving summer storm. In the inevitable chaos of the closing, you probably didn’t have much time to contemplate the nature of your homeowner insurance coverage, or research to see if you were getting the cheapest rate. It’s certainly not too late now—even if you’re on your second or third home—to save money on your homeowner insurance coverage. The deductibles you carry and the manner in which you use your coverage has a major impact on getting a discounted homeowners insurance premium. If you can afford to raise your policy’s deductible, you may realize substantial savings.