Any homeowner that has insurance will naturally want to find a way to lower their home insurance premiums. Thankfully, there are several ways to make changes to your policy that can limit how much you pay each year. By combining multiple techniques, you can save a bunch of money on your insurance premiums.
Buy From The Same Insurance Provider
If you already have car insurance, start by getting a quote from the same insurance provider. They often offer discounts for having multiple policies from the same company, which can make your overall insurance costs lower. Just make sure that you compare the total cost of both policies when you compare prices. The quote between insurance policies may be similar, but the real savings come with the discount you receive.
Ask About Discounts
It is possible that you have an existing membership that gives you a discount on your homeowners insurance. Tell your agent about what organizations you belong to, and they can check if there are any discounts related to them. For example, you may get a discount from part of your union, your employer, or even a professional organization that you belong to. It doesn't hurt to ask, and the savings can definitely make those memberships worth it.
Make Changes To Your Home
There are several ways that you can make changes to your home that will result in paying less for insurance. Some popular modifications include installing deadbolts on your exterior doors, adding more smoke detectors, getting a sump pump, adding a fire-resistant roof, or installing a security system. If these are things you were going to do anyway, telling your insurance provider about them can result in paying less for your policy.
Increase your Deductible
A large chunk of your home insurance premium is based on the deductible. This is how much you agree to pay before your insurance provider covers the damage. The higher the deductible, the more you pay up front, but the less you pay each year in premiums. Only make your deductible as high as the amount you are capable of paying in an emergency situation, or else you will find yourself struggling to pay that deductible.
Decline Property Insurance
Your mortgage provider will require that you insure the dwelling, but not the personal property inside it. If you really need to cut back on your premiums, you can always decline personal property coverage. It may be risky, but it is an option if you are in a financial bind.Share