Home Insurance Tips to Lower the Cost of Your Homeowner’s Insurance

Tips to Lower the Cost of Your Homeowner’s Insurance

Homeowner’s insurance serves as an investment of funds for most people. However, it will also protect you against financial disaster and other calamities. 

Homeowner’s insurance may vary by hundreds of dollars, depending on your insurance provider as well as the size of your domicile. Here, our focus will be on things that you can do in order to lower the cost of your homeowner’s insurance.

Increase Your Deductible Amount

A deductible refers to the money that you must pay towards a loss that is covered. The larger your deductible is, the more money you can save on your insurance premiums. 

When you are deciding on your deductible, think about the amount of funds that you can reasonably set aside in order to cover a claim. It is important to save on insurance premiums, especially during a pandemic.

Combine Your Auto and House Insurance Policies

Many insurance companies will reward their most loyal clients by offering them discounts. You can save up to 15% on your insurance costs by combining your auto and home insurance policies.

Most companies will provide you with at least a 5% discount if you buy more than one policy with them, albeit the discounted amount will vary from provider to provider.

Boost the Safety of Your House

By taking a few steps to make your property safer, you can save some money on your insurance. For example, if you have a state-of-the-art home security system, then your insurance provider may reward you by offering you a discount.

However, the savings should be large enough to justify the cost of the added upgrade; this is only if you are upgrading your home’s security simply to save money on your insurance.

Build Your Credit Score

Your credit score will likely have an impact on how much you will need to pay for your insurance. If your credit score is very low, then you will likely have to deal with higher premiums in order to obtain coverage.

It is important to lower credit card balances whenever possible. Paying your bills in a timely manner will also help boost your credit score.

Home Improvements That Can Save You Money on Homeowner’s Insurance

Try and improve major home systems. For example, you can make renovations to your electrical wiring. If your home currently has tube, knob, or aluminum wiring, then you may want to strongly consider upgrading to modern copper. 

Many insurers will not provide insurance if they believe your wiring is antiquated or faulty, as poor wiring serves as a serious fire hazard that can easily burn a house to the ground. You can also install a fence around your pool to make it safer. Dead bolting your locks will make it harder for criminals to break into your home. 

Installing a central monitoring system can make it easier to identify suspicious people in the neighborhood. Simply installing a state-of-the-art home alarm system will deter criminals from trying to break into your property.

You may also want to consider replacing your roof. If your roof has seen better days, then it may be time to replace it. A slate roof, for example, will increase the curb appeal and real estate value of your home. 

A new roof is safer, and will be able to withstand the elements more effectively. In fact, it costs more money in order to insure homes that have older roofs, and some providers may not even provide insurance if the roof is very old.

You can also add sensors and detectors in order to save money on homeowner’s insurance. Again, a safer home will lower your premiums. The sensors and detectors can activate when they detect noise or suspicious activity.

CO2 dioxide and smoke alarms should also be installed or upgraded. Not only can CO2 dioxide and smoke alarms help you obtain an insurance reward or rebate, but they can also protect your valuable assets and the lives of those you care for the most.

You should get a generator if you can. While some people may be put off by the initial costs of purchasing and installing a generator, it can possibly save your life. During these tumultuous times, you can never be too cautious.

A backup generator can be the difference between life and death in the event of a serious natural disaster. You should also install a sewer backup valve and a sump pump as well. 

Cleaning and restoring a basement to its former glory after a sewer disaster can take months and cost thousands of dollars that you may not have. When it comes to raw sewage, it may be best to err on the side of caution and install a sewer backup valve and sump pump.

Most insurance companies are aware of sewage issues, and some may offer you a reward if you install a top-of-the-line sump pump and sewer backup valve.

You should also install a security system. Most insurance companies will offer you a discount if you install a security system. However, not all security systems are created equal. If you purchase a cheap system, then you will not get the protection that you deserve.

If you want to obtain a home renovation discount from your insurance provider, then you need to ensure that the system includes central monitoring services. You should also have the option to remotely monitor your home in the event that you need to travel for work or leisure. Due to the pandemic, police and other essential services have been stretched to the limit, so you may require additional protection.

Being Proactive

Protecting your home should be a top priority, and the easiest and most convenient way to protect your loved ones and your most valuable assets is to obtain homeowner’s insurance. As we have seen, there are many ways to lower your premiums.

Making a few changes can thus help you save thousands of dollars that can instead be put towards renovating your home or paying for other expenses.

Ana Hoffman
Anna Hoffman is a part-time blogger who writes on Business, Technology, Digital Marketing, Real Estate, Lifestyle, and Educational topics.
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