Over two-thirds of American homes are underinsured. Why? Many people think that reducing coverage is the best way to cut back on insurance spending. But that could get you into big trouble if an incident occurs that is no longer covered under your policy. Rather, keep your valuable coverage and use these three tips to save: 

1. Bundle your policies: Bundling multiple insurance policies, such as home and auto, with a single insurance company is an easy way to save. Many insurers incentivize your added business by offering discounts—up to 20 percent—on you premium payments. Not to mention, having just one monthly payment and one renewal date is much easier to keep track of as well. 
2. Additional discounts: Though a bundling discount is the easiest, there are many more discounts that may be available to you. Essentially, the less chance you have of filing a claim, the less you’re likely to pay for insurance. That means, you could save if you have a clean driving record, if your home is loaded with security features, if you’re a senior, if you’re loyal customer and much more. Your agent can go over the details with you. 
3. Increase your deductible: A deductible is the amount that you’re responsible for paying when you file a claim. After you pay, your insurer can cover the rest of the claim. The higher your deductible, the lower your monthly premium—up to 25 percent less. So if you raise your deductible, you’ll save money every month, which can then be used to pay a higher deductible if you need to file a claim in the future.