Save on Home Insurance

	Email this page Format for printing Reuse/Reprint
	Related Links Personal Finance Discount Broker Center Insurance Center
	Discussion Boards Discuss This Column Ask a Foolish Question

By Selena Maranjian (TMF Selena)
January 27, 2003

Q. How can I save money on my homeowner's insurance policy?

A. Here are some ways:

• Buy just as much insurance as you need, and no more. Ask yourself how much it would cost to replace your personal property, rebuild your house, or buy another like it in the same neighborhood.
  
  
• Look into discounts. Some policies offer them for burglar alarms, deadbolt locks, and perhaps some construction features. You can often also get a discount if the same insurer is covering your home and your car.
  
  
• Increase your deductible. If you don't expect to file claims very often, then the higher the deductible, the more you'll save each year on your premiums. Keep in mind that insurance is meant to cover catastrophic losses, not each and every little expense. (Just make sure you can afford to pay the deductible if and when the need arises.)
  
  
• Comparison shop. Contact agents from a variety of companies and also do a little shopping online, at sites such as Insure.com.

Learn more about insurance in our Insurance Center. You may not have thought about some kinds of insurance, such as disability or long-term care insurance, but they're vital for many people. Take a little time to learn more and you may be very happy you did, if some calamity occurs in the future. Additional insurance information can be found at InsBuyer.com and Yahoo!

If you have any questions, thoughts or opinions on this column, share them with others on our Ask the Fool discussion board.

This question and answer is adapted from The Motley Fool Money Guide: Answers to Your Questions About Saving, Spending and Investing. For answers to this and 499 other common money questions, check it out -- it's a handy resource.