10 Ways To Save Money On Homeowners Insurance

Go with the highest deductible you can afford. A deductible is the amount of money you agree to pay if there’s a claim. The higher your deductible, the less you pay for insurance. A higher deductible can also help improve your claims history – since you, rather than the insurer, pay small claims. A good claim history saves you money.

Use window locks and deadbolts on outside doors. They reduce the risk of theft and can also reduce insurance costs.

Consider a burglar alarm system, if you don’t have one already. It will keep your home safer and save you money.

Be aware, if you’re purchasing or remodeling a home, that construction type and building materials impact insurance costs. For example, masonry homes cost less to insure than frame houses as do houses with hip roofs (roofs that have ends and sides that slope to the eaves line).

Consider upgrading electrical, plumbing and heating and air conditioning systems if you have an older home. It will reduce your premium.

Make your home more disaster-resistant. Things like hurricane shutters, impact resistant glass and roofs connected to wall studs by hurricane straps provide greater protection for your home and can save you money.

Install and maintain smoke detectors. You may also want to think about installing a fire alarm that alerts the local fire department.

Don’t overinsure. Don’t confuse what you paid for your house with the cost of rebuilding it. Your home should be insured for 100% of what it would cost to replace it. It should not include the value of the land. Review your policy limits and the value of your possessions annually. While you want your policy to protect improvements and purchases you may have made, you don’t want to spend money for insurance you don’t need.

Take advantage of other discounts for which you may qualify. While they vary from company to company and state to state, there are discounts for new homes, homes in close proximity to a fire station or those located in gated communities, etc. Talk to your agent about what’s available in your area.

If you’re currently insured through a state plan, investigate insurance from a private insurer. It could reduce your insurance costs and provide you with better coverage.