6. Don't Insure What You Don't Have - Your home policy includes an automatic protection limit for your personal property. This amount IS adjustable. If you don't need all that protection some insurance companies will allow you to lower it to save some money. But be careful. You may also need more. People tend to only visualize the big things when thinking about what it could cost to replace all of your personal property. Your broker can help you think about all the little things you may not be considering so you can do a quick personal property calculation. also, pay particular attention to items subject to special limits (as described above), items such as jewelry and computer equipment.
7. Being Safe Pays You Back - Smoke detectors, and burglar alarms are usually worth discounts of at least 5% on your home policy. You may get even bigger discounts, 15% to 20%, if you install a sophisticated sprinkler system or an alarm system that rings at the policy station or a security company. However, not all of these systems qualify for discounts with all insurers. Before you install one, check with your insurer to find out what type of system qualifies for a discount and how much you would save on your premium if you have the system installed.
8. Where There's Smoke...- there's fire. Smoking (unattended cigarette butts, etc.) is the leading cause of residential fires in this country each year. That's why some insurers have discounts if all the residents in a home are non-smokers.
9. Monitor Your Automatic Inflation Adjustment - Virtually every home policy includes an automatic inflation adjustment every year. this means the company automatically increases your Dwelling Limit every year. The idea is to keep up with the rising costs of rebuilding your home an dmake sure your insurance will completely rebuild your home. That's a good thing! but over time this automatic inflation adjustment can get out of whack wiht reality. If you think your Dwelling Limit is too high, ask your agent to run a new replacement cost estimate. You may be able to lower your costs while still being fully protected.
10. Don't Jump Around - If you've been with an insurer for a while and you like that insurer, stay put. Some insurance companies automatically have discounts for policyholders who have been with the companies for a certain number of years.
11. Good Credit = Lower Rates - Most companies these days use your credit history as part of their pricing structure. People with better credit will pay less for their insurance in most cases. So, not only is improving your credit rating a good idea by itself, it may also reduce the cost of your insurance.