It’s always the right time to save some cash. Purchasing a home is a big investment and insuring it comes with significant cost too. If you have a homeowners insurance policy and are looking for a better rate, here are some tips to help you lower your premiums.
- Raise your deductible
Deductibles are the amount of money you have to pay before your insurance company begins to pay a claim. The higher the deductible, the more you can save on your premiums. Most insurance companies require a minimum deductible of $500. If you can afford to raise it to $1,000, you can save as much as 25 percent on your premium.
- Bundle home and auto policies
Most insurance companies provide home and auto coverage. If you bundle those policies, you could save 5 to 15 percent off your premium. Always shop around and make sure the combined price for both policies is less that if you were to purchase separate policies elsewhere.
- Improve home security
You can usually find insurance discounts of around 5 percent if your home has dead-bolt locks, functioning smoke detectors, and security alarms. Add in a fire sprinkler system and security alarms that alert emergency personnel and you could get 15 or 20 percent savings. These are expensive systems, so make sure you check with your insurance agent about which systems could qualify for a discount before you purchase and install them.
- Make your home more disaster resistant
Check with your insurance agent about what improvements you could do to make your home more resistant to disasters. Updating the heating, plumbing, and electrical in an older home can reduce the risk of fire and water damage. If you live in areas with extreme weather, installing storm shutters and reinforcing your roof could save you some money on insurance.
- Call us
Because we partner with dozens of insurance providers, we are always on the lookout to get you the best policy for your needs at the best price. Let us do the shopping for you and advise you on the best deal.