How to Reduce Homeowner Insurance Costs
Owning a home is a large investment as well as a big expense. That’s why is essential for all homeowners to try and reduce costs whenever possible to avoid paying too much or more than necessary. Here are some tips to help you learn how to reduce homeowner insurance costs.
First, you need to start by doing your research! Shop around for the best deals available before committing to one insurance plan or company. Ideally, you should get at least 3 different quotes. This will allow you to compare the prices as well as what each insurance plan offers. Evaluate which company is going to offer you the best customer service and the best deal for your money.
Another way to reduce the cost of homeowner’s insurance is to raise your deductible. The higher your deductible, the less premium you will have to pay. If, for example, you raise a $500 deductible to a $1000 deductible, you will likely be able to save up to 25% on insurance expenses over the long term.
Reduce the odds of disaster harming your home. Many homeowners need to use insurance when disasters strike such as flooding or fires. If you can prove to your insurance company that you have taken measures and precautions to reduce your home’s risk, they will likely lower your insurance since the likelihood of you cashing in on your insurance plan will be lowered significantly. Update your heating or electric systems to reduce the change of fires. Upgrade your plumbing and make sure your home is flood proof to avoid water damage. These changes are smart investments in your home’s quality and safety and can also save you some serious cash each month!
Ask about insurance company promotions or discounts. Often if you are over the age of 55 you can qualify for senior discounts. Likewise many companies offer certain discounts for employees of specific companies or discounts for those who have or are currently serving in the armed forces. If you don’t ask, you won’t know so be sure to inquire about anything you may be eligible for.
Once you choose an insurance company, stay put. Over time, many companies offer discounts for long-term, loyal customers to show their appreciation. Sometimes you can even get a discount of up to 10 percent if you have worked with the same home insurance company for 6 or more years. Be sure to still compare your current prices to the competitors from time to time to make sure you’re getting a good deal.
While home insurance can get pricey, there are several ways you can try to reduce your monthly costs as well as long-term spending to make owning your home more practical and affordable. Do your research and get 3 quotes from my insurance broker before committing to a company or plan, raise your deductible to reduce your premium charges, make changes to your home to improve its safety, ask about discounts, and finally try to stick with one company for a long time to be eligible for loyal customer deals.