Save Money On Homeowners insurance

June 15, 2019

For every homeowner, whether you are a looking for first time coverage or you have been paying your insurance for a long time, Homeowners insurance is critical. Homeowners insurance can cover any interior or exterior damages, loss or damage of personal assets or belonging, etc. However, protecting such a big property can be expensive and confusing.

Here are some ways you can save money on your Homeowners insurance policy. 


1. Compare and get several quotes


Homeowners insurance can be expensive but let’s face it, it is your protection against any natural disaster, damages or loss. Your Homeowners policy coverage and pricing can vary from company to company so it's good to get several quotes. It may take time to gather quotes from different companies but it is worth the effort if you can save a lot of money.


Check with your friends, colleagues, and relatives for recommendations on who they have contacted for homeowners insurance, what was their experience with that company. Their feedback can help you a lot in making decisions about which company is best and which to avoid.


You can also consider independent insurance brokers who aren't associated with one specific insurance company. They gather all your details, will do the shopping for you to find the best rate.


2. Raise your deductibles


Deductibles are an amount of money which you pay from your end when you file a claim towards an insured loss with the insurance company. After you pay the deductible, the insurance company pays the rest. Therefore, the higher the deductible, the more money you can save on your premium.


3. Purchase your home and auto insurance policies from the same insurer


There are some companies who sell homeowners insurance, they also sell auto insurance and liability policies. Buying two or more insurance from the same companies will help you in reducing your premium. Be ensure that the combined price is lower than buying individually from different companies.


4. Make your home disaster immune


In a disaster prone area, homeowners have more options to choose from. You can ask your insurance agent or company representatives on how you can make your home more resistant to a natural disaster. For instance, adding storm shutters, shatterproof glass, reinforcing your roof, or by buying stronger materials. If you have an older home, consider upgrading the electrical system or plumbing system which reduces the risk of fire and water damage. These improvements can help lower your premiums. 


5. Build a good credit score


A good credit score will help you in cutting down your insurance costs. According to insurance companies, the better your credit score, the less possibility that you’ll file an insurance claim. Therefore, check your credit score regularly and if you find any error, make sure to correct it. Here are ways to improve your credit score


6. Ask for discounts


Most of the insurance companies offer a discount for security devices such as fire alarm, smoke detector, security cameras, motion sensor, and etc. Sometimes, just asking what discounts are available can unlock savings! 


7. Stay with the same insurer


Companies often provide a discount for clients who are insured with them for a longer period of time. If you find a good insurance agent, have good coverage for a good price, it is often worth it to stick with them! 




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