If you are a homeowner, homeowners insurance could be costing you more money than is necessary. The price you pay for your homeowner’s insurance can vary by hundreds of dollars, depending on the insurance company you buy your policy from. The following are 8 ways to save on your homeowners insurance…
Raise Your Deductible
Deductibles are the amount of money you have to pay toward a loss before your insurance company starts to pay a claim, according to the terms of your policy. The higher your deductible, the more money you can save on your premiums. Nowadays, most insurance companies recommend a deductible of at least $500. If you can afford to raise your deductible to $1,000, you may save as much as 25 percent. Just be sure you have enough saved to cover a bigger out-of-pocket expense if you need to make a claim.
Eliminate Making Small Claims
We all know we feel we pay for this insurance every month so we want to a claim when something is ever minor. Think twice about doing that. You may be wiser in the long run if you pay out of pocket for smaller expenses. The reason being some insurers offer discounts if you remain claim-free for a period of time, usually 2 or 3 years.
Install Some Home Security
You can usually get discounts of at least 5 percent for a smoke detector, burglar alarm, or dead-bolt locks. Some companies offer to cut your premium by as much as 15 or 20 percent if you install a sophisticated sprinkler system and a fire and burglar alarm that rings at the police, fire, or other monitoring stations. These systems aren’t cheap and not every system qualifies for a discount. Before you buy such a system, find out what kind your insurer recommends, how much the device would cost, and how much you’d save on premiums.
Make Your Home More Disaster-Resistant
If you have improved your home, you may have made yourself eligible for discounts without even realizing it. Find out from your insurance agent or company representative what steps you can take to make your home more resistant to windstorms and other natural disasters. You may be able to save on your premiums by adding storm shutters, reinforcing your roof, or buying stronger roofing materials. You can request a new inspection of your home to evacuate these improvements to maximize your potential discount.
Buy Your Home and Auto Policies From the Same Insurer
Some companies that sell homeowners, auto, and liability coverage will take 5 to 15 percent off your premium if you buy two or more policies from them. But make certain this combined price is lower than buying the different coverages from different companies. It is called bundling and could save you money.
Maintain Good Credit
Your credit score can have a substantial impact on your home insurance premium. If your insurer thinks your credit score is too low, say under 630 you may pay higher rates.
Gated Community or HOA Discounts: Living in neighborhoods or communities with increased security, like camera monitoring, 24-hour security guards, or even a neighborhood watch may get you a discount.
Eliminate Safety Hazards
Trampolines, tree houses, pools, and other items can increase your homeowner’s premiums. Worse yet, you may find that your policy doesn’t cover these items at all. Check your policy. If your insurance company is charging you extra because you have a trampoline or pool, you may save some money (and injuries) by getting rid of it. They are a huge liability! If you have a pool and don’t want to get rid of it, make sure there is a fence around the pool to reduce the chance of someone accidentally falling in.
Shop Around
Do some shopping around for insurance, ask a licensed insurance agent about discounts. Just like auto insurance, there are several discounts available ranging from customer loyalty programs to bundling your policies to enjoying a claim-free history. It can never hurt to ask. Rates for identical homeowners insurance coverage can vary from one company to the next.
By tweaking your policy and making some long-term changes, you can keep your insurance costs under control. Though insurance costs may be on the rise, there are ways you can curb your premium. Knowing your options is the first step to saving on your homeowner’s insurance.
Rollins Insurance represents multiple A-rated insurance companies to make sure we deliver the most competitive rate packages to our clients in Kentucky and Ohio.
Contact us (859-781-7283) for more information or get a free quote!
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About Rollins Insurance
Rollins Insurance is an independent insurance agency providing our clients the best prices with the most coverage possible since 2008. We represent multiple A-rated insurance companies to make sure we deliver the most competitive rate packages to our clients in Kentucky and Ohio. We find that most people are under-insured and over-paying when we meet them. We love what we do and our primary business is Personal Auto, Homeowners, and Life and Health insurance. We are a family-owned and managed business that specializes in providing needs-based insurance services.
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