Consider higher deductibles. Is your home in excellent condition? Are you a “do-it-yourselfer” that fixes small problems around the house? Do you have a new roof, heating & electric systems, and plumbing? Are you a risk taker that would prefer to save money up front and spend more at claim time because of a higher deductible?
If yes to any of these questions, your Massachusetts Home Insurance Tip:
To save money consider higher deductibles.
Without claims, the money you save by deciding on a high ($2,500 or $5,000) deductible is, literally, money in the bank.
When your parents bought their first home, most likely their deductible was $250.
As a general rule of thumb you can save 10% of the annual premium if you carry a $500 deductible; an additional 10% if you carry a $1,000 deductible, and an additional 10% if you carry a $2,500 deductible.
For those of us that go years & years without claims, higher deductibles is, literally, “money in the bank.”
In addition, by carrying a higher deductible you self-insure yourself a little more thus making the chance of filing a small claim less appealing. By doing such consumers can keep their “loss free” credits and, without claim frequency, you remain more insurable.