If you are not happy with the cost of your homeowner's insurance policy, you are going to want to find a few easy ways to lower the cost of your premium. Luckily, there are steps you can take to lower your homeowner's policy premium cost.
#1: Bundle Things Together
One of the easiest things you can do to enjoy a sizeable discount is to bundle your insurance coverage together. You can bundle your car insurance and home insurance or other types of insurance, such as boat insurance, motorcycle insurance, or RV insurance, together. When you bundle your insurance together, you will get a discount on both policies as a thank you for your business. Most insurance companies can tell you outright what type of discount you will get to enjoy.
#2: Increase Your Deductible
The amount of your deductible can really impact your premium. If you have a low deductible to save money, you may not actually be doing yourself a favor in the long run. A lower deductible usually results in a higher premium. Increasing your deductible and taking on a more significant financial responsibility in the event that your home is damaged will allow you to enjoy a lower premium. As your premium is something you pay regularly, and your deductible is something you only have to pay if you file a claim, it makes sense to increase your deductible to lower your premium, as long as you have the means to pay a larger deductible should you need to.
#3: Identify All Safety Systems
Third, make sure that all your safety systems are identified to your insurance company. Let your insurance company know about any burglar alarms, fire alarms, carbon monoxide alarms, water alarms, or any other safety feature you have in place. Often, safety systems can help to provide a long-term reduction to your insurance premium.
You can always check with your insurance company to see what type of safety systems they reward and install those types of systems in your home.
#4: Check Your Coverage
Fourth, you can check your coverage and make sure you are not overpaying for your coverage. You should check the dwelling coverage and make sure the coverage amount is not greater than what you need. Do the same for the personal property coverage. Make sure you are only paying for what you need.
If you are not happy with your premium amount, you will want to bundle plans together, increase your deductible, identify all safety systems in place around your home, and make sure you don't have too much coverage. These steps can help to lower your homeowner's insurance premium.
Contact a local insurance agent to learn more about homeowners insurance.
Share23 February 2021
Ten years ago, I married my best friend in a beautiful, intimate ceremony. My husband and I have been nearly inseparable and we’ve enjoyed this special time in our lives where it has been just the two of us. However, we’re finally ready to have a baby. Because I only work part-time, my husband is the primary financial provider in the family. If something ever happened to him, I wouldn’t be able to instantly support myself and a child. Because my husband worries about an uncertain future, he is considering purchasing a larger life insurance policy. On this blog, I hope you will discover the best types of life insurance policies for young parents to invest in. Enjoy!
