Last Updated on March 29, 2021
1. Raise Your Deductible
Do you know what is “insurance deductible”? The deductible is the money you have to pay everytime you make a claim. And the higher it is, the lower your homeowners insurance will be. Mark Friedlander, from the Insurance Information Institute, gave a simple example: if you have a $500 deductible and increase it to $1000, you can save up to 20%!
This can reflect a huge cut on your expenses, but it comes with a not so good side. If you decide to do this, you need to be sure that you can save enough money in case you need to cover a big unexpected expense when you make that – now more expensive – claim.
