5 Things Homeowners Can Do To Reduce Their Insurance Costs

Homeowners across the country face significant stress on their finances. The rising cost of utilities and gasoline are just two of many considerations for property owners as they plan their budget for the coming months. One area in which the property owner can gain back some financial control is through their insurance costs. In this latest post, our team presents a complete guide on how homeowners can reduce their insurance costs.

1. Increase Your Security

   You can reduce your rates by improving upon the security of the home. Consider investing in a new alarm system, for example. You might choose a system that allows you to visually identify those outside the home in order to reduce break-in attempts. With so many new security systems to choose from, it is a good idea to consult with your broker on suggestions to maximize your home insurance discounts.

2. Look for Maturity Discounts

   You might not be benefiting from all the discounts offered through your insurance company. For example, some companies offer discounts to mature homeowners. Accurate details about the policy holder, such as the full date of birth, ensure that your broker can apply for maturity discounts. With age comes the financial stability of building a good credit history. If you have an established relationship with your insurance firm, consider looking for stability discounts and asking whether they can be applied to your coverage rates. You should try to speak with a specialist within the insurance firm who can analyze your past payments and your loyalty to show that you’re a lower risk compared to the average customer.

3. Try to Pay Annually

   While it might be more convenient to use monthly payments to pay for your insurance costs, there are multiple benefits to paying annually. Firstly, the insurance firm will often reduce the costs for clients that offer to pay their entire year’s worth of insurance premiums in one group. The company will benefit from having access to the money immediately, as well as having a customer in good standing for the year. The benefit for you, in addition to reducing the annual cost of coverage, is that you’ll only have to think about the insurance once per year. You’ll never have to check your bank accounts to ensure you have enough at the end of the month for all your payments.

4. Fireproof the Home

   We know that fire damage is the most devastating and costly peril a homeowner can face. A fire can destroy a property and all assets inside. As a homeowner, simple precautions such as smoke detectors on all floors and fire extinguishers not only protect your home, but the safety of your family. A monitored smoke and fire alarm system alerts the local fire station, ensuring help is dispatched to your home right away. Before making the choice, discuss your fire protection options with the insurance company, and see which changes would have the largest impact in terms of price reduction.

5. Commit to Flood Protection

   Flooding is one of the most common challenges homeowners face. It is important to know that there are many ways you can mitigate the impact of extreme weather to protect your home. For example, you might consider having your home’s pipes analyzed by a plumber to have a water back up valve installed in your basement. Water sensors can be used to alert a homeowner of a sudden change indicating water may be an issue. Ongoing maintenance and updating the plumbing is a priority to your home insurer. The more consideration you give to flood protection, the more likely your insurance broker can negotiate a competitive rate for water and flood insurance protection.

   Our insurance experts are available now to help you reduce your insurance costs over the coming years. To learn more on how to safeguard your home while limiting your insurance expenditure, call our team today.