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How to Save On Home Insurance Premiums

We all know how important home insurance is in safeguarding our homes and belongings in times of calamities and unexpected events. However, many homeowners forego purchasing or renewing their home insurance policies because of the cost. While homeowners insurance doesn’t come cheap, not having one can put you in dire financial straits, should something unfortunate happen to your home. Instead of doing without it, why not look for ways to lower the cost of your insurance premiums? Check out these smart ideas on how to save on home insurance.

Invest in Home Security

Making do improvements to your home’s security can be costly, but the investment tends to pay for itself as this can result in significant discounts in home insurance premiums. Insurance companies offer better rates to homes with better security features as there is lesser risk for theft and burglary. Fitting your home with burglar alarms, digital locks, motion detector lights, and surveillance cameras will definitely beef up its security. If you’re running tight on budget, though, something as simple and basic as installing deadbolts on your main doors should help knock 3-5% off your premiums.

Prep Your Home for Disasters

Disaster-proofing your home helps it better withstand harsh natural conditions, which is especially beneficial if you live in an area that is prone to hurricanes, typhoons, or high winds. Doing so will not reduce the cost of your premiums, but also qualify you to receive better home insurance policy offers. Installing storm shutters, using shatter-proof glass, and upgrading your HVAC, plumbing, and electrical systems are just some of the many things you can do to make your home a safer dwelling place.

Choose Your Roof Wisely

When building a new home or re roofing an existing one, make sure to choose roofing materials that can withstand a good beating from the elements. Asphalt shingles, for example, are well-known for their ability to bear up against severe weather conditions, while metal roofs are lauded for their eco-friendliness and longer life-span. Home insurance providers offer substantial discounts for homes with tougher, more durable roofing systems. The discount rate may vary depending on the type of roofing, so make sure to ask your insurance agent about it.

Bundle Your Policies 

Bundling insurance policies is an easy and effective way to further reduce the cost of your home insurance premiums. Insurance companies typically offer multiple-policy discounts to clients with two or more existing policies with them – for example, a home insurance and auto insurance policy. Many people find policy bundling efficient and convenient because aside from the significantly lower premiums, they only have to contact the same agent for most of their  insurance concerns.

Increase Your Deductible

The deductible is the amount of money that you need to pay out-of-pocket before the insurance company compensates you for a covered loss. When you make a claim, the insurer will pay you the total loss amount minus the deductible. Insurance companies allow their clients to choose the rate of their deductibles. Generally, opting for a lower deductible will raise the amount of your premiums, while a higher deductible decreases the overall cost of your home insurance policy. 

Shop Around and Compare Policy Offers

While bundling your policies is a good way to save on insurance, don’t let it stop you from checking out what other insurance companies have to offer. Who knows, you might find even better deals with greater discounts elsewhere. Also, some insurance companies give discounts for specific age brackets and occupations. They don’t usually advertise these offers, so make sure to ask if they have any special discounts you might qualify for. When shopping for home insurance, a wise homeowner does not only look at the price but also the features of the policy. The best home insurance is not necessarily the cheapest, but the one that presents the most value for your money.
About the Author

Rachael Harper is the Content Marketing Strategist of Bennett & Porter, a wealth management and insurance firm based in Scottsdale, Arizona. When not writing, she makes use of her time reading books and playing bowling with her family and friends.

Categories: helpful tips