WAYS TO LOWER YOUR HOMEOWNERS INSURANCE PREMIUMS

1. Boost the deductible.

Increasing your deductible can have an immediate impact on your insurance costs. A higher deductible will result in a lower premium because you’ll have to pay more out of pocket when a claim is filed. If you decide to increase your deductible, be realistic. You don’t want to find yourself unable to afford a critical repair because you can’t cover the deductible cost.

Read more: Should I Have a $1,000 Homeowners Insurance Deductible?

2. Reinforce your home.

Some investments such as adding storm shutters, reinforcing the roof, retrofitting an older home to resist earthquakes, and updating your utilities can reduce insurance costs. These improvements minimize the risk of fire and water damage. If you live in hurricane territory, you may qualify for discounts through wind-mitigation improvements.  This may include adding water barriers by sealing your roof deck; reinforcing and anchoring your roof, floor, and walls; adding approved gable ends; and installing hurricane-rated doors and garage doors. The initial costs can be high, but the long-term investment can lower your insurance costs.  These improvements will also make your home a safer dwelling.

3. Reduce flooding risk.

Flood damage is the number one insurance claim in the United States. If you’re in a high-risk flood zone, there are steps you can take to reduce your insurance premium. You may be able so lower your insurance costs by installing proper flood openings, elevating your utilities above ground level, and elevating your home. If you live in a low to moderate risk area, consider adding flood insurance. While this can initially cost you more, you’ll be protected from flood damages. A homeowner’s insurance policy does not cover damage caused by flooding, so adding flood insurance could save you thousands in the future. The average flood repair cost is about $30,000!

4. Look for discounts.

When shopping around for insurance, ask a licensed insurance agent about discounts. Just like auto insurance, there are several discounts available ranging from customer loyalty program to bundling your policies to enjoying a claim-free history. It can never hurt to ask – give our insurance advisors a call today at (844) 300-3237.

5. Eliminate unnecessary coverage.

Evaluate your policy and eliminate any coverage you no longer need. However, always be sure that your coverage is enough to replace your home’s structure(s) and contents. Saving a few dollars by reducing your coverage can cost you a lot more if your home sustains damage and you need to rebuild from scratch. Speak to an insurance agent about home rebuilding costs. In the event major damage occurs, you will want enough coverage to rebuild your home. If you don’t have enough coverage, then you will need to pay out of pocket to rebuild your home and that could be extremely expensive.

 

6. Remove old structures. 

If you have other buildings on your property, you are probably paying for them on your policy. Consider removing your dilapidated shed to save money on your premium.

7. Bundle your policies

Bundling your insurance policies can save you some money. Check with your agent about moving all of your other policies to the same company as your homeowner’s insurance. Most insurance companies offer rewards for customers who have multiple policies.

8. Decide carefully about making claims.

Claims can drive up your premium. A large number of claims could cause insurance companies to see you as a high-risk customer. Depending on your carrier, you could even face cancellation for filing too many claims. If it’s a minor claim that you can afford to pay out of pocket, it could save you money, in the long run, to pay for it yourself.

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