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10 Epic Ways to Save Money on Your Homeowners' Insurance Policy! - YouTube
Channel: Bacano Insurance Journalist
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Hello.
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I’m Alex.
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The Bacano Insurance Journalist.
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I am all about saving you money on health,
car, life insurance you name it.
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It’s my passion to find ways to help you
get as much insurance coverage as possible
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for less.
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First Tip, Shop around, get quotes online
and compare rates.
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One of the best ways to save money on homeowners
insurance is to research your options and
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compare rates from as many different insurance
carriers as possible.
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This can help you find a policy that fits
within your budget while still meeting your
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needs.
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There are many online sites that allow you
to enter your information and get estimates
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for free.
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And if you’re willing to provide some personal
details, like your home size or the name of
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a local agent, most sites can give you even
more detailed quotes.
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Second Tip, Consider bundling your policies
together with one insurer.
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Some insurance companies offer special discounts
when you bundle multiple types of insurance
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coverage together under one policy.
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For example, if you have both car and homeowners
insurance with the same company, they may
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be able to give you a lower rate on each policy.
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If possible, it is worth taking the time to
explore these options and see if there are
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any benefits that could help save you money
on your overall insurance costs.
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Doing so can often save you money on all of
the bundled insurance coverages.
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Third tip, During Renewal Choose a policy
with a higher deductible.
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When choosing a homeowners' insurance policy,
it is important to consider your budget and
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needs.
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One option that can help you save money on
premiums is to opt for a policy with a high
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deductible.
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A policy with a higher deductible will typically
have a lower premium, which can help you save
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money on your homeowners' insurance.
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This type of policy typically comes with lower
premiums, but be sure that you are comfortable
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with the amount of the deductible in case
you need to file a claim.
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Additionally, always make sure that your home
is adequately covered and that your policy
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provides adequate protection against potential
risks such as fire, theft, or water damage.
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Fourth tip, Take advantage of discounts.
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Many insurers offer discounts for things such
as being claims-free for a certain period
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of time.
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Some of the most common discounts that you
will be able to apply are New home construction,
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Age of home (five years or less), Home and
auto bundle, Series of upgrades (electrical,
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heating, plumbing), Age of home (10 years
or less), Construction type (fire-resistive,
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superior), Roof upgrade, Client Loyalty (10
years or more).
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Ask your agent about what discounts are available
so that you can take advantage of them as
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doing so, you can help ensure that you get
the best possible coverage at an affordable
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price!
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Fifth tip, Ask friends and family for recommendations.
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Whether you're looking for an insurer or trying
to decide between different policies, asking
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for recommendations from people you trust
is an extremely helpful way to narrow down
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your options.
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If you're not sure where to start your search
for more affordable homeowners’ insurance,
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the perfect strategy is to ask friends and
family members for their recommendations.
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They may be able to point you in the right
direction or share their own experiences with
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different carriers.
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I wanted to take a moment to share a video
I made earlier regarding Insurance carrier
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stocks and how they are crushing the market.
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I am talking about 30% type returns even during
a down market!
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Make sure to check it out if you are curious
as to what to do with all of that money that
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we are working on saving you on insurance!
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Sixth tip, Pay your premium in full annually.
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Many insurers offer discounts to customers
who pay their premiums in full, rather than
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monthly or bi-annually.
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This can help you save money on the overall
cost of coverage.
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Homeowners' insurance typically costs less
if you pay for your entire year's worth of
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coverage upfront, rather than making monthly
payments.
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This option may not be feasible for everyone,
but if it works for your budget it could help
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you save some money on premiums.
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Seventh tip, Don't file too many claims.
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While it's important to have adequate coverage
in case you need to make a claim, filing too
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many claims in a short period of time can
often lead to higher premiums or even lead
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to your policy being canceled.
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If you can, try to avoid filing small claims
and instead save up for any major repairs
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or replacements that may be necessary.
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If you have a large dog make sure that you
have coverage in the first place as some breeds
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of dog are excluded on some homeowner insurance
policies.
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Assuming that it has not been excluded, an
aggressive dog on your policy could lead to
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a large claim if proper steps are not taken
to prevent an accidental mauling.
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It's extremely important to only file a claim
when you really need to and to be aware of
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the potential consequences of doing so.
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Eighth tip, Consider installing security features.
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Dogs are truly loyal, great friends but adding
security features to your property, such as
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a burglar alarm or deadbolt locks, can often
help you qualify for significant discounts
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on your premium.
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These features can also help deter criminals
from targeting your home in the first place,
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which can further protect you from loss or
damage.
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Some sensational features you should implement
or install include Smoke and carbon monoxide
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detectors, in-ground sprinkler systems, backup
generators, reinforced roofs, storm shutters,
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updated systems, and pool safety devices.
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Owning a home is one of the greatest life
investments that we will ever make!
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It is also a major financial burden for our
loved ones in the event of our passing.
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One of the best ways to make sure that our
home continues to be a generational wealth
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generator is by leaving wealth for our loved
ones.
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The fastest most efficient way to do that
and more is through life insurance!
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Take a look at an earlier video that explains
in greater detail just how powerful life insurance
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truly is!
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Ninth tip, Keep your credit score high.
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Your credit score is one of the factors that
insurers use to determine your premium rates.
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So make sure to pay your bills on time and
keep tabs on your credit history using an
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app like Credit Karma!
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Maintaining a good credit score can help you
qualify for lower rates on your homeowners'
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insurance!
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This strategy, however, may not apply in certain
states such as Hawaii, California, and Massachusetts.
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Tenth tip, Review your policy regularly to
make sure you're still getting the best deal.
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Life circumstances can change over time, which
may mean that the homeowners' insurance policy
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that once fit your needs no longer does.
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Be sure to review your coverage periodically,
making changes as necessary to ensure that
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you're always getting the best possible deal.
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Have you ever had to shop for homeowners’
insurance?
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What tips do you have for finding the best
deal?
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Share your thoughts in the comments below!
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If you're looking for ways to save money on
all your forms of insurance make sure to like,
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comment, and subscribe to this channel as
we share all sorts of tips and tricks to help
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you get the most for your premium!
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Till next time take care!
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