How to Make Your Homeowners Insurance Premium Lower
There are many good and effective ways to lower your Homeowners Insurance Premium. We have given you a few basic steps that can lower your policy from up to 20% or more.
1. Find out from your Homeowners Insurance agent what steps you can take to make your home more resistant to Windstorms, Hurricanes, & Flood Damage. You may be able to save on your premiums by adding storm shutters, reinforcing your roof or buying stronger roofing materials. Also you might consider modernizing your heating, plumbing and electrical systems to reduce the risk of fire and water damage.
2. Raise your Deductible to lower your homeowner’s insurance premium. By raising your deductible you can lower your premium a little bit or dramatically depending on how high you raise your deductible. As your homeowners insurance agent what the different policy premiums are at the different deductibles. Deductibles usually range from $250 up to $30,000. Deductibles depend greatly on the insurance company and your location. As you can imagine, $250 out-of-pocket compared to $30,000 out-of-pocket can make a big difference in the premiums your insurance company collects.
3. Improve security and safety. Items such as deadbolt locks, burglar alarms and smoke detectors often bring discounts of 5% each, depending on the company. Your insurance company may also offer a significant discount of 15% or 20% if you install a sophisticated home-security system. If you're thinking about buying such a system, check with your insurer to see which systems they recommend and which will earn you a discount.
4. Stay with an insurer. If you've kept your coverage with a company for several years, you may receive special consideration. Several insurers will reduce their premiums by 5% after you've been with them for three to five years, and some companies will discount you as much as 10% after six years.
5. Improve your credit score, if you’re rating was not the best when you applied for your home insurance. After your credit score has increased, contact your insurance company to re-negotiate your premiums. Home insurance cost is often affected by your credit history.
6. Avoid nuisance claims. The more claims you file, the more you are going to be charged, even if the claims are legitimate. So use your coverage for its intended purpose -- to protect against losses from which you cannot recover on your own -- and take care of the minor incidents yourself.
7. Do Not Do This- With real estate values in decline, don't be tempted to reduce the dwelling coverage on your home, figuring you will save money on insurance, now that your home will sell for less than when you last updated the coverage in your policy. Home insurance is designed to cover the cost of rebuilding a home and not the sale price of the home. Homeowners should be careful to purchase enough insurance coverage to completely rebuild their home and replace their belongings.
8. Seek out discounts for seniors- Retired people stay at home more and spot fires sooner than working people. Retired people have more time for maintaining their homes, too. If you're at least 55 years old and retired, you may qualify for a discount of up to 10 percent at some companies
There are several tips and pointers that we can give you, the best option is that you have is to contact us and we will give you a Homeowners Insurance Premium Pricing. We will ask you several questions or guide you to the Insurance Policy Forms. We look forward to helping you with your Homeowners Insurance.