7 Tricks to Save on Homeowners Insurance

Receiving your insurance bill every month does not need to be a dreaded affair. Instead it really comes down to how well you understand your homeowners insurance plan and how it affects your household. The better you understand your insurance the better chance you have at finding ways that you can save money. Homeowners should consider one or more of these simple tips to cut down on this expense while making their home a safer and more comfortable place to live.

1. Remove Additional Structure Coverage

Quite a few insurance providers assume that there is more than one structure on the property. If you do not have a standalone shed or garage, remove this coverage and you could save 5 percent or more on your insurance.

2. Sign Up For Paperless Bills and Automatic Payments

Insurance companies can save quite a bit of money when they are able to automatically withdraw money from their customers and no longer have to send dozens of bills and other offers every year. Inputting your bank information and signing up for these programs will often result in a price reduction.

3. Reconsider Smaller Claims

Statistics show that even inquiring about a claim could raise rates if done a few times each year. As a general rule, most homeowners will want to pay out of their pocket for anything under $1,000, especially if this involves common maintenance issues such as broken roof shingles or a clogged pipe. However, keep in mind that if you make a lot of claims, you run the risk of your monthly premiums going up. Insurance is about establishing risk. According to Meyer’s Insurance Ltd., the less risk you have established with your insurance company the more likely you will have lower premium rates.

4. Increase Your Security

As previously said above, a large part of your insurance plan is about establishing risk. Increasing security throughout the house can help protect your family and save you money as it should help you establish that your home is at less of a risk than it would be without security. Updating security such as installing motion sensors, putting up cameras, and even upgrading door locks can be a major discount for homeowners insurance.

5. Shop Around Every Three to Five Years

If your company does not offer longevity or loyalty discounts every few years it may be time to shop around and get some quotes. When a customer that is in good standing seems as if they are looking for new coverage, almost every insurance provider will be able to find some way to drop the rates.

6. Don’t Cover the Land Your House Is On

When an individual purchases a home for a certain amount, the insurance provider will attempt to sell them coverage for that whole amount. Insurance only needs cover the cost of rebuilding a home and replacing damaged property, not the actual land that the house is built on.

7. Avoid “Risky” Dog Breeds

Any dog can become a wonderful addition to the family, but insurance companies do label some breeds as “risky” due to the frequency of bites. Families that are planning on getting a new pet may want to avoid risky or high risk breeds such as Rottweilers, pit bulls, and German shepherds if they want to keep their rates low as the more “risky” breeds can make you liable for any damages should they cause any trouble to passing neighbors.

Finally, homeowners should ask their providers for a discount list. Each provider may offer unique discounts on everything from their customer’s profession to the types of hoses that they use in the backyard.

Tags: Homeowners Insurance

Category: Home Insurance