12 Ways to Lower the Cost of your Homeowner Insurance
By Kim Bronder
Did you receive your home insurance renewal? Is it time for your annual insurance review? Wondering how to lower the cost of your homeowner insurance? Check out these 12 ways to do just that:
Talk to your insurance agent every year.
Raise your deductible. A deductible is the amount of money you pay towards a claim before your insurance company starts to pay a claim. The higher your deductible, the lower your premium. Some insurance companies offer split deductibles where you pay a higher deductible for wind or hail when you live in an area more susceptible to that kind of loss. You want to make sure you can afford the higher deductible so have an emergency fund in case you have a claim and have to pitch in a bit more. Higher deductibles will often save you a lot of money over time.
Avoid filing small claims that you could repair yourself and that are close to your deductible amount. If damage can be repaired for the amount close to the deductible, you wouldn’t file the claim.
Make your home more disaster resistant. If you are updating your roof, add a hail resistant roof which can provide a discount with certain carriers. Keep trees trimmed and landscape maintained to avoid damage caused by falling trees and even fire. Updating your plumbing and electrical units help to prevent fire and water damage.
Add home security, smoke detectors, burglar alarms, even dead bolts can give you discounts with some carriers.
Stay with your insurance carrier for a longer time and there may be loyalty discounts. Make sure you ask! There are usually discounts for 2-3 years, then higher discounts for 5+ years.
Ask your carrier about any other discounts you might be eligible for. In some states there are discounts for you as you get older. Make sure your carrier has your correct birthdate.
Keeping your credit score up can help on your insurance rates. More and more insurance companies are using credit information to obtain insurance scores. The credit score is just one of many factors that go into the insurance score.
Going paperless can also provide discounts, so be sure to ask if this is an option for you.
When buying a home look to see if the house is near a fire station and a fire hydrant. You will likely pay less if you are near a fire hydrant and a city with fire trucks that respond with 3500 gallon tankers.
Ask your realtor to provide you with a CLUE report on the home you are buying. This report will indicate if there have been previous claims at the home and if those issues have been fixed. For example, does the house have a propensity to have water collect in the basement, have pipes ruptured in the past, have there been theft claims at the home.
Understand the rebuilding costs associated with your home. Remember the land under your home is not insured, so you do not need to include it in the value of your home when determining how much insurance you need on the dwelling of your home. The land is not at risk from theft, windstorm, fire, and other perils covered by your homeowner’s policy.
Have a question? Want to review your home insurance?
Our team is available and ready to help you. Contact us today at 800-832-4689 or complete our Check Coverage Form and we would be happy to help you lower the cost of your home insurance.
Avid traveler, Mom of Three Daughters, and Insurance Agent
Direct Phone – 913-754-3807 email@example.com
Kim Bronder has been with MAX since 2011 and has over 20 years of experience in the insurance industry. When Kim is not at work, she loves to travel, cook and read. Kim and her husband of 35 years are involved with Retrouvaille, a ministry that helps married couples strengthen and heal their marriages. She has three grown daughters, two sons-in-law and two grandchildren. Kim enjoys the spring and summer months where she can tend to her garden.