Did your homeowner’s premium go up? Use these tips to see if you can get a lower rate.

1. Shop around

Insurance companies charge different rates, and your company might have raised your rates.

You can shop around for a better price. Get sample rates at HelpInsure.com. Then contact the companies you’re interested in and use these tips.

Learn more: How to shop smart for home insurance (checklist)

2. Ask about discounts

Make sure you’re getting all the discounts you qualify for. Ask your insurance company if it offers discounts for:

• Having a monitored burglar or fire alarm system.
• Having other policies with the same company (like auto, home, life, etc.).
• Not filing any claims for three straight years.

Learn more: Lower your home insurance cost by asking for discounts

3. Look at your deductible

Choosing a policy with a higher deductible can lower your premium. But remember that a higher deductible means you might have to pay more out-of-pocket if you have a claim. How much can you afford to pay if your home is damaged?

Remember: A good price is only a bargain if you also get good service. Call your State Department of Insurance  to check a company’s complaint record before buying a policy.

 For more information, go to:

Ways to save money on home insurance

Teaching Suggestions:

• Have students suggest methods of determining how to save money on home insurance.  Also, ask for actions that can be taken to achieve the goals.
• Have students create a system for starting and updating a home inventory.

Discussion Questions:

1. When does a family or individual know they have enough home insurance?
2. What type of insurance coverage is more important, property or liability?  Explain