7 Insurance Tips for Homeowners

Homeowners insurance is a necessity. While you cannot get rid of this expense, you can sure find ways to cut costs and save more money. Follow the tips below to lower your costs and get more for less on your home insurance.

1. Raise your deductible. Similar to car and health insurance, raising your deductible lowers your annual premium. This means paying for small problems like broken windows or leaky pipes, but absorbing these minor expenses are worth the savings in premium.

2. Pay off your mortgage. It cannot be done overnight, but the moment you pay off your mortgage your premium is likely to drop because insurance firms expect you to take better care of a place if it is yours completely.

3. Make home improvements insurance-friendly. Cement- or steel-framed structures are cheaper to insure than those made of wood. These are stronger and are less likely to succumb to fire or severe weather conditions. Think twice about building a pool – it is potentially injurious and can drive your homeowner’s insurance up to 10%.

4. Search for bundle discounts. Keep your home and car insurance under the same firm and be rewarded with a discount. It never hurts to ask your company for other quotes to save up on two premiums.

5. Earn loyalty discounts. The longer you stay with some companies, the lower your premium or deductible becomes.

6. Add a security system and alarms. Installing burglar and smoke alarms will cut your costs up to 15% and help you save on premium. CO2 detectors, dead-bolt locks, sprinkler systems, and weatherproofing can also help.

7. Look for changes in your neighborhood. Is a new fire hydrant or fire substation installed in town? If it is within 100 ft from your home, you may get lower premiums. 8. Shop around regularly. No matter how good your home insurance is, you want to do comparison shopping at least once a year. Check out what competitors are offering, review your existing policy, and look for more ways to cut costs on your premium.

Home Insurance

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MJ Usner