Deductibles. You might be surprised to realize how much of your premium is predicated on the smallest amounts of insurance you can buy. I just helped someone who called our office save 25% on their home insurance by increasing their deductible from $500 to $1,000. That means that 25% of their premium was to cover $500 worth of loss!
It seems obvious that the more you agree to self-insure and keep away from the insurance company, the less you’ll pay for the insurance. But I don’t think people realize how much it can affect things. This is true not only for home insurance, but it’s the same for the Collision and Comprehensive coverages on auto policies, too.
There comes a point of diminishing returns, however, so you’ll want to arm yourself with all the info so you can choose a deductible that’s best for you, but the concept applies to everyone – why would you ever buy insurance for something you can take care of yourself?