How To Save On Homeowners Insurance
Print this pageIt's important to check your home insurance policy annually—not only to make sure your current coverage is correct but also to make sure you are protecting any improvements you've made to the property. During the process, you may become aware of ways you could be saving money. Here are a few ideas:
- Ask about discounts. Factors like how close you live to a fire station or the type of material used to build your home may make you eligible for lower rates.
- Raise your deductible. Your deductible—the amount you will have to pay before your insurance company will cover a loss—will probably be
$250 or $500
Your premium will be lower if you have a higher deductible because you're paying more before the insurer has to pay any claims you may submit. Per the Insurance Information Institute, increasing your deductible could save you up to 25 percent on the cost of your Homeowners insurance policy. - Consider your home's structure. Is it new or old? Is it constructed of brick or wood? Is it located in an area at a high risk for hurricanes, floods or wildfires? All of these factors will affect the cost of your policy.
- Consider your home's safety features. Does it have a security system and/or smoke detectors? Do you keep a fire extinguisher in your kitchen? Certain safety features may also make you eligible for discounts on your Homeowners insurance.
- Insure the home, not the land. It's the home and its contents that are important and need to be protected from fire, theft, etc. When determining how much Homeowners insurance you need, don't think about the market value of your house—think about how much it would cost to rebuild the house and replace its contents.
- Stay with one insurer. If you insure your home and automobile with the same company, you may receive a discount.
When you elect to schedule a call, you will leave wellsfargofinancial.com and go to the Wells Fargo Insurance web pages at wellsfargo.com. Wells Fargo Insurance offers a wide range of products from companies with high standards and excellent customer service.
Insurance products are available through Wells Fargo Insurance, Inc. (Minneapolis, Minnesota). Wells Fargo Insurance, Inc. is a licensed agency representing and compensated by the insurer based on the amount of insurance sold. Wells Fargo Insurance, Inc. is an affiliate of Wells Fargo Financial.
- Insurance is:
- Not a deposit of or guaranteed by the bank
- Not insured by the FDIC or any federal government agency