They say home is where the heart is, but it can also cost you if you make homeowner insurance mistakes.  The most common is not having enough coverage, but there are things you may be doing that make your premiums higher than necessary.

According to insurance experts, here are the most common mistakes:

1. Fight for Your Right
Shop around for the best rates.  You do it when you buy apparel or a car, so why be lazy when it comes to HO or renter’s insurance? In many cases you can find better rates – there’s a reason there’s an insurance advertisement out there that promotes shopping around for lower rates.

2. Don’t Forget the Upgrades
It’s natural to want to make improvements and upgrades to your home, to make it more cozy or liveable – it can also cost you extra money if you neglect to upgrade your insurance policy to reflect those upgrades.  Upgrades to kitchens or baths will improve the aesthetics and livability of your home, and the cost to replace these upgrades also increases if you’re faced with a total loss.


3.  Reset your Deductible

Who wants a high deductible? No one I know.  But if you set your deductible too low it could encourage you to make more claims than if you had a high deductible to meet. Setting the deductible higher causes you to avoid making any frivolous claims, causing your premiums go up long after the repair is made.

4.  Ask for Discounts
Homeowner’s insurance carriers often give you discounts, especially if your auto insurance is with the same carrier or for being a nonsmoker. Some discounts can last as long as five years, like the new homeowner discount, while others are only in effect for two years. Staying on top of when the discounts expire and getting new ones can go a long way in saving you money each month.


Did you find these helpful, or perhaps you have tips of your own? Let me know on Facebook or by leaving a comment below!

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