The most important elements that affect your homeowners insurance premiums are the reconstruction estimates of the home, the age of the home, the type of construction, and the claim history of the property or the homeowner. However, there are other ways to reduce your insurance premiums depending on the carrier.
Install a Security System
Having a security system (even a self-monitored system) can reduce the rates that you pay. However, do note that having a system that’s monitored by a third-party alarm company will reduce your rates even more. Installing a security system means you’re less likely to get robbed—and that means you’re less at risk of a large claim.
Check Fire Alarms and Extinguishers
New fire alarms and fire extinguishers can both reduce your rates. But are your extinguishers still valid? Check the tag. Extinguishers actually “expire.” If you bought your extinguisher when you first purchased your home, the odds are that you need to get another one. Ideally your fire alarm is a centrally monitored service that automatically notifies the local fire department or a monitoring center when it goes off.
Bundle With Other Insurance
Bundling your homeowner’s insurance with other personal insurance policies, such as automobile insurance, is one of the easiest ways to save money. It also saves you time and effort, because you’re now just paying a single insurance bill rather than multiple insurance bills. Consider getting a quote for all your insurance coverages from a single company.
Reduce Your Risks
Having an old roof, large trees, a pool, or a trampoline are all considered high risk. Consider mitigating them: repair a roof, trim a tree (or have it seen to by an arborist), fence in a pool, or fence in a trampoline (so kids can’t get onto it without supervision). Talk to your agent about the changes that may be able to reduce your risk. Some companies may apply surcharges or limit coverage for high risk items…or they may decline to offer coverage. Fewer companies willing to offer coverage usually means higher premiums from the ones that do.
Home values are rising rapidly, so make sure you have adequate limits and coverage…and all of the discounts you can get!
