4 Tips To Save On Your Homeowners Insurance
Are you looking for ways to save money? Do you think you're paying too much for homeowners insurance? Homeowners' coverage is a critical protection tool but can be costly. The good news is there is a wide range of policies with different types of coverage available. With a little research and some changes to your coverage or home, you may qualify for discounts that reduce your premiums. A local insurance agency can help you find the right policy for your needs and budget. Below are a few tips to help you save.
Install a security and safety system. Fires and burglaries are two major risks covered by homeowners' insurance. If you can reduce the likelihood of those risks, you can probably reduce your premium. A home security system can greatly minimize the chance of a burglary or break-in. Even a simple system with cameras and cell phone notifications could earn you a discount from your insurer. Similarly, you can get a discount by upgrading your fire system beyond a simple smoke detector. If you install a sprinkler system and a system that automatically notifies the fire department, you could earn an even greater discount.
Rethink your coverage. Many people buy homeowners' insurance to cover the full cost of their home. But that may not be necessary. When you purchased your home, the land cost was included in the purchase price. If your home is destroyed, you would still own the land. The cost to rebuild may not be exactly what you paid for the home originally. Review your policy and consider whether you need the level of coverage that you have. You may be able to reduce your premium by adjusting your coverage.
Raise your deductible. Do you have enough savings to afford a $1,000 bill on an emergency expense? What about $2,000 or even more? If so, you may want to raise your deductible on your insurance policy. Most policies come with a standard $500 deductible. Generally, the lower your deductible is, the higher your premiums will be. If you can afford to raise your deductible, it may make sense to do so and reduce your premium amount.
Shop around. One of the most effective ways to save on your homeowners' insurance is to shop other policies. You may find another policy with lower premiums. You could switch to take advantage of the savings, or you could show the quote to your current insurer to see if they'll match the price. An independent local insurance agency can help you find the right coverage for your needs at the right price.
Ready to save on your policy? Contact an insurance agency in your area today to start the conversation.