Buying a home is one of the biggest investments you’ll make in your life and it only makes sense to want to protect it. Homeowners insurance is an extremely important way of protecting your home, but you certainly don’t want to be spending more than you have to on it. If you feel like you’re paying too much for insurance, here are a few ways you can cut down on that expense.
Shop Around
Sometimes, taking the time to shop around can really pay off and looking for an insurance provider is one of those times. Each insurance provider has their own unique way of calculating premiums, so it’s entirely possible that one provider would quote you a higher price than another company would without making any changes to the amount of coverage you receive.
Get Multiple Policies Through the Same Company
The concept of bundling to save money isn’t limited to phone, cable, and internet services. Many insurance providers offer multi-discount policies to customers who get both their home and auto insurance policies through them. According to Consumer Reports, these discounts can help cut your rates by up to 30%, so it’s definitely an option worth investigating.
Raise Your Deductible
A low deductible means you won’t have to pay as much out of pocket when you make a claim with your insurance company, but in turn, you’ll have higher insurance premiums. If you’re able to do so, raising your deductible will help you keep more money in your pocket, especially if you don’t make claims against your insurance very frequently.
Take Care of Your Roof
Your roof does a lot to protect your home from the elements, so it makes sense that insurance companies would be more willing to give homeowners a break on their premiums if they know their roofs are being taken care of. Repairing a roof or replacing it with a new impact-resistant roof will help give the insurance provider the peace of mind of knowing your home is less prone to weather damage.
Improve Your Home
Roof maintenance isn’t the only type of home improvement that can help you get a break on your insurance premium. Since old wiring and plumbing systems are more likely to cause damage to a home, replacing them can help bring down your insurance rates.
Boost Home Security
Insurance companies are always happy to see that a homeowner has taken steps to improve their home’s security. Whether you install stronger doors and locks or get a home security system, smoke detector, or motion-activated outdoor lighting, it all helps make your home safer and more secure. If you live in a gated community, make sure your insurance provider is aware of that fact since the gate offers an extra layer of security. Being a member of a homeowners association may also help you get a discount if the HOA includes a neighborhood watch.
Be Careful What You Insure
It’s important to make sure you have enough insurance coverage, but you also don’t want to be paying to cover things you don’t need to. Make sure you review your policy at least once a year to make sure it’s still relevant to your needs. For example, if you had special coverage to protect something that wasn’t covered by your standard homeowners insurance policy, but you no longer have that item, you’ll want to update your policy. Also, since it’s impossible to steal or damage the land your home sits on, including the value of the land in your policy will only raise your premiums. Instead, just get coverage for the costs to rebuild the structure of your home and any other structures on the property.
