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Lowering Homeowner’s Insurance Premiums

7481060222_647cdea516Looking for ways to lower the premiums on your homeowners insurance?   Consider these tips:

  • Increase your deductible.   Raising your deductible can significantly lower your premium.  If you do so, however, keep an adequate emergency fund to cover higher out-of-pocket costs for any claims.
  • Combine insurance coverage with one company.  Often, you can obtain discounts for purchasing more than one insurance policy at the same company, such as auto and homeowners insurance.
  • Install an alarm and other safety features.    Since these features help reduce claims, insurance companies will often offer discounts for installing these devises in your home.
  • Stay with the same company.     Insurance companies will often give loyalty discounts to customers who have stayed with the company for years, although you typically must ask for this discount.
  • Maintain a smoke-free environment.    Insurance companies will often lower premiums for households that are smoke free.

Review how much coverage you need.    Your home-Owners insurance should be sufficient to completely rebuild and refurnish your home in the event of a total disaster.   You will probably want a guaranteed replacement clause, which pays for the entire cost of rebuilding your home.   However, that doesn’t mean you need to insure it for its full market value.   Even if your home is totally destroyed, you won’t have to replace the land.    Please call if you’d like to discuss your homeowners Insurance in more detail.

Photo Credit: woodleywonderworks via Compfight cc

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