How to Save on Homeowners Insurance
Homeownership is a significant milestone, but it comes with various responsibilities, including the cost of homeowners insurance. While this insurance provides crucial protection for your investment, it’s smart to seek ways to lower the associated premiums without compromising coverage.
Tips for Lowing Your Homeowners Insurance Premium
The following are some tips that may help you reduce your homeowners insurance premiums:
- Bundle policies. Many insurance companies offer discounts if you bundle your homeowners insurance with other policies, such as auto or life insurance. This may result in significant savings, so consider consolidating your insurance needs with one provider.
- Increase your deductible. Choosing a higher deductible—the amount you’re responsible for paying before your insurance kicks in—can lead to lower premiums. Just make sure you can comfortably afford the higher deductible if you need to make a claim.
- Improve home security. Investing in home security measures like burglar alarms, deadbolt locks, smoke detectors and security cameras may reduce your premium. These measures lower the risk of theft, fire and other potential hazards, making your home a safer bet for insurers.
- Update your home. Keeping your home well-maintained and up to code can also lower premiums. Upgrades such as a new roof, updated electrical systems and plumbing improvements can reduce the likelihood of claims and make your home more insurable.
- Choose the right coverage. While it might be tempting to opt for the most comprehensive coverage, evaluate your needs and choose coverage tailored to your circumstances. If you live in an area less prone to certain risks (like earthquakes), skipping unnecessary coverage can lead to savings.
- Seek discounts. Inquire about available discounts. Some insurers offer discounts to senior citizens, veterans, members of certain professional organizations or individuals who have been claim-free for a specified period.
- Consider location and proximity. The location of your home matters. Proximity to fire stations, police departments and other emergency services can impact your premiums. Living in a neighborhood with a strong infrastructure can lead to lower insurance costs.
- Review and adjust annually. As your circumstances change, so do your insurance needs. Review your policy annually and inform your insurance provider of any changes that might lead to lower premiums, such as paying off your mortgage or making home improvements.
Lowering your homeowners insurance premiums requires some effort and research, but the potential savings can make a significant difference over time. Contact Hammer Agency today to discuss ways to lower your homeowners insurance premium.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.