It’s no secret that homeowners insurance can be expensive. In fact, it’s one of the most expensive types of insurance coverage you can buy. But don’t let that deter you from getting the protection your home deserves! The good news is there are plenty of ways to reduce your homeowners insurance costs—and some might surprise you.
Improve your home’s safety.
Make sure you have smoke alarms and fire alarms installed in your home. Carbon monoxide detectors are also highly recommended, especially if you use a gas stove or dryer.
You can also take measures to improve the safety of your home by adding deadbolt locks to exterior doors, motion sensors to exterior lights, and a security system with cameras and video monitoring. These changes will help prevent burglaries and make your home more difficult for criminals to break into.
Shop around for competitive rates.
- Shop around for competitive rates. You can get quotes from different insurers online, and you should shop around for the best deal. Ask friends and family for recommendations, too.
- Check your credit score before applying for a policy. Your credit history can affect your homeowners insurance premiums, so check it before you apply to see if there are any changes that could lower your premium costs.
Look into available discounts.
- Check with your insurance company. Your insurer might offer discounts if you have a security system, if you have a fire extinguisher in the house or if you’re willing to pay a higher deductible than the minimum.
- Check with your state’s department of insurance. Some states offer their own discounts on homeowners insurance policies, so it’s worth checking into those before buying one from an insurer.
- Check with your mortgage company. Many home loans come with standard homeowner’s insurance included as part of the package, but sometimes people want more coverage than what is provided by their loan; in these cases, some lenders will allow for additional coverage as long as homeowners are willing to pay for it themselves rather than using their monthly mortgage payment money toward that purpose
Lowering the cost of your homeowners insurance is possible!
You can lower the cost of your homeowners insurance by improving the safety of your home. Make sure to install smoke detectors and fire extinguishers, and get a security system if you need one.
You can lower the cost of your homeowners insurance by shopping around for competitive rates. Call at least three companies each year to see if they can offer you a better rate than what’s already on offer for coverage in your area.
You can lower the cost of your homeowners insurance by looking into available discounts, like being a good student or having several years’ experience as an emergency responder on call.
We hope this article has given you some ideas for lowering the cost of your homeowners insurance. If you take these steps, we guarantee it will be worth it when you see that lower amount on your next bill!