How to Lower Your Homeowner’s Insurance Premiums
5 Ways to Save Money on Homeowners’ Insurance
Homeowners’ insurance might feel like an unnecessary expense for some, but the truth is, it is an incredibly valuable thing to have when the unexpected hits. This type of insurance is an unavoidable expense for homeowners. Premiums can be expensive and can potentially increase year after year; however, there are smart ways you can save money on your homeowners’ insurance premiums.
Go for a Higher Deductible
The lower the deductible, the higher the premiums, so if you decide to have a higher deductible, you can lower your insurance premiums. By increasing your deductible, you could save up to 25% on your premiums. Of course, you need to be mindful when raising your deductible to make sure it’s at an amount you can confidently afford. Talk to your agent about this for guidance.
Protect Your Home Against Flood Damage
Did you know that flooding is the number one natural disaster risk in the U.S.? Most homeowners’ insurance policies don’t cover flood damage, which is why it is essential to purchasing coverage that addresses that specific need, even if you’re not in a high flood-risk zone. Flood-proofing your home by installing flood openings or elevating your home can also help lower your premiums.
Bundle Insurance Policies
Bundling insurance is a good deal, especially when it comes to saving money on insurance premiums. If you’ve taken out multiple lines of insurance, you can combine them. Your savings will vary depending on your insurance company, but they can range between 5% and 25%.
Keep an Eye Out for Discounts
Insurance discounts can be lifesavers. Your insurance agent is your go-to person to find out what discounts are available and can apply to you. You might be able to take advantage of loyalty programs and other benefits of that sort.
Meet with Your Insurance Agent Once a Year
There is no doubt that when it comes down to understanding which insurance products are best for your needs —including your financial needs— your insurance agent is your best friend. Schedule a yearly meeting with your agent to stay on top of the latest insurance deals.