Save Money on Homeowners Insurance
There is no place in the world more important than home, so of course you protect it with homeowners insurance. Here are some tips to help you acquire the policy that best suits your needs while maintaining a premium that best fits your budget.
· Minimize Risks
o Make home improvements that will minimize risks such as floods, fires, and break-ins. A carrier may offer lower premium payments for homes that are lower risks for potential claims. Talk to your agent about cost-saving opportunities that may be available by the installation of new roofing, plumbing, or electrical and alarm systems. Even seemingly small items may help lower your premiums such as installing more smoke detectors, fire extinguishers, or even things like deadbolts, window locks, and storm shutters.
o Your liability insurance may increase if there are other risk factors in your home or on your property, such as if the home is older or has multiple stories, and if you own a pool. Having a dog may also increase your premiums since dog bites account for 1/3 of all liability claims.
· Coverage Should Not Exceed Property Value
o Make certain your insurance coverage on things like personal possessions or structures not connected to your home does not exceed their actual value.
· Higher Deductible
o Choose a deductible no higher than what you may need in case of an incident. Raising your deductible may reduce your premiums and prevent your rates from increasing.
· File Claims Only When Necessary
o Avoid filing claims for issues that are insignificant or affordable out of pocket. The less claims you file, the more likely a carrier will be to offer you a discount.
· Other Available Discounts
o Discounts may be available by bundling policies with the same company and maintaining good credit scores. You might also consider making payments electronically and in 6 month increments instead of monthly. Even small details may provide sources of discounts, such as if the residents of the home are non-smokers, so be sure to speak to your agent about the money saving possibilities.