Cutting costs on your grocery bill is a common practice for many people. Homeowner’s insurance is something less likely to meet the chopping block. You don’t need to get rid of your insurance plans entirely to save on expenses. Here are eight tricks to help you save on your homeowner’s insurance.
Keep Shopping
One way you can save big on homeowners insurance is by staying in touch with the market. Checking on prices every year or two may result in finding a lower price. You may need to change insurers, but it may be worth it for the savings. Some surveys show a lot of homeowners swapping insurance providers to save on their premiums.
Buy Insurance Bundles
Many insurance companies offer coverage for multiple services like auto and life insurance. Some businesses offer considerable discounts when you buy more than one service from them. Savings typically range from five to 15 percent. Make sure the combined package is cheaper than your current payments.
Discounts
There are other ways to find extra savings on your insurance. Customer loyalty discounts could keep you with one company instead of switching providers every few years. If you find a better deal elsewhere, then see if your current provider can match the new rates you found.
Installing additional security measures for your home will make insurance providers happy and may save you some money on your premiums. Look into alarm systems, deadbolt locks, smoke detectors, and other similar devices to keep your home safe. Security features not only look good to providers, but they’ll help to prevent the need for an insurance claim in the first place.
A Higher Deductible May Help in the Long Run
Increasing your deductible may lower your overall insurance expenses. Paying more out of pocket when you make a claim reduces your premiums. Do the math and check with your insurance provider to see if raising your deductible is right for you. Make sure you choose an amount you can afford when the time comes.
Home Improvement
Improving your home’s structural integrity is an excellent way to lower your insurance costs. These additions are pricey at first, but they will pay off in the long run. Providers are more likely to give better rates to homes that are safer and weather resistant. Consider taking up projects to reinforce roof shingles, installing storm shutters, and adding improvements to make your home earthquake resistant.
Water damage is a significant factor, particularly in hurricane prone zones. Improve your gutters and drains, add a waterproof coating to your deck, and remove areas where water could potentially build up. Look into installing anchoring to your house’s walls and roof and appropriately rated doors, including garage doors, for hurricane wind resistance.
Keep Your Yard Tidy
Sheds and treehouses may prove utility to you, but insurance companies don’t desire them. Extra buildings on your property are usually considered liabilities and will drive up your premiums. Check with your provider to see if you’re paying extra for additional structures on your property.
Leaving your bushes and shrubs unattended or untrimmed could also up your premiums. Wildfires are a serious threat in some areas, so keep your trees and shrubs in check if you live in those areas. Dead and dying trees are potential threats to your home and your safety. Get them removed as soon as you can; it’s better not to risk them falling on your house.
Credit Score Matters
One of the first things your insurance company looks as is your credit score. They’ll increase your rates if you’re a high-risk customer — similar to many other services. Do your best to keep your credit score at a favorable level by paying off debts and maintaining open lines of credit.
Live Near Fire Stations
Fire engines sounding are among the last things you want to hear near your house. Luckily, dealing with them on a regular basis could save you big money. Living near a fire station, or other emergency service provider may mean savings on your premiums that are worth taking into account.
Ensuring your home is safe and reliable is the key to swaying the insurance company to your side. If they know they’re covering a home that is well-protected and maintained, then they’ll pass some savings onto you.
