Your home sweet home… Do you have a more valuable and beloved possession? It only makes sense that you would want to take all measures necessary to make sure it stays safe and protected.
Homeowners’ insurance policies help to do just that. These policies are a necessary investment that helps protect your home against unexpected occurrences like storms, fires, theft and vandalism. And while you do have to pay a premium for your homeowners’ policy, the idea is to protect against the unexpected and save you money in the grand scheme of things, should something like the issues mentioned above occur.
We understand that it is only natural to want to be rest assured that you are getting the best deal possible for the homeowner’s insurance policy you need. By following the tips outlined below, you’ll be taking necessary steps to ensure your home is covered from the unexpected events of life, all the while saving money by lowering your current homeowner’s insurance premium.
First, reach out to your insurance agent and ask what is covered in your current program. Discuss your coverage as necessary to make sure that you aren’t paying for more protection than you need. This is also a great time to ask about company discounts or other potential money savers.
Like we mentioned, it is worth your time to get with your insurer regularly to ensure you are getting all the discounts you can. Some companies offer discounts to long-standing customers or other similar discounts. Ask your insurer about any discounts for which you might qualify.
Now more than ever, insurers are using individual’s credit information to price homeowner’s insurance policies. So, if your credit score isn’t that great, this can mean your homeowners’ policy is more expensive than it has to be. In order to protect your credit standing, pay your bills on time, don't obtain more credit than you need, and keep your credit balances as low as possible.
To put it frankly, the higher your deductible, the lower the cost of your insurance premium. Therefore, raising your deductible is a relatively simple way to lower your regular premium cost. These days, most insurance companies recommend a deductible of at least $500. But, if you can afford to raise your deductible to $1,000, you could save as much as 25 percent in the long run.
Another easy way to save a good amount of money on your homeowners’ insurance premium is by combining it with an auto policy. With a multi-policy bundle, you can expect to save between 15 and 20% by combining your policies under the same insurer.
Make sure your home is well protected from natural disasters and/or home invasions. This could mean installing security cameras and removing limbs and trees that could fall on your home during a storm. Removing broken down decks, trampolines, etc. or anything that would put you in a high-risk category could help reduce your home insurance premiums.
Additionally, taking steps to prepare your home for loss control can be beneficial to lower your home insurance premium. For example, in the winter, make sure your hoses are detached to avoid damage to your home’s pipes. This is just one example, but you should always remember to routinely walk around the exterior of the house and look for damages and for any changes or elements that could cause damage.
It is imperative to make sure your policy is consistently up to date with the changes in your life. In order to make sure that this is the case, be sure to initiate annual reviews of your policy with your agent in order to maximize your insurance dollar.
Lowering your homeowners’ insurance premium will require some time and effort, but in the long run, it could save you hundreds per year. Then, you can put the money you save back into your home, increasing your overall property value.
Make sure you’re checking in with your insurer on at least a yearly basis to determine if your policy is the right fit for your needs. Our team at Winter-Dent is committed to working with you by reviewing policies and shopping policies with you to help you find the best policy within your budget. Give us a call and we would be happy to start a conversation!