Homeowners' insurance is necessary to protect your home against risks. However, sometimes this monthly expense can be difficult for homeowners to manage. Fortunately, there are some things you can do to help keep your homeowners' insurance costs low. Here are the top six ways you can save money on your homeowners' insurance.
Shop Before You Buy Your Home
There are a lot of factors that impact the cost of your insurance coverage including:
- Location: Areas with high crime rates often cost more. If your home is located on a flood plain or a fire zone, your insurance will cost more.
- Age Of The Home: Older homes are more likely to have structural failure than newer homes. So insurance for newer homes is cheaper than insurance for older homes.
- Size Of The Home: Insurance rates are based on the cost of the build of the home, not the current market value. So insurance costs less for homes that are smaller.
Taking these things into consideration will help you buy a home that will cost less in insurance premiums over the long term.
Increase Your Home’s Security
There are a lot of things you can do around your home to help reduce your risks. With less risks, your homeowners insurance premiums will go down. One easy way is to install a security system. You can also do things like add a water pump to your basement, storm windows, and have your roof replaced. These structural features that protect against damage and thus, reduce your risk and your costs.
Look For Discounts
Most insurance companies offer a range of discount programs. Some of the most popular include:
- Senior discounts
- Loyalty discounts
- Early signing discounts
- New home discounts
- Smoke-free home discounts
- Paper-free discounts
To take advantage of these discounts, speak with your insurance agent on what’s available for your policy.
Raise your Deductible
Deductibles were designed to help reduce the cost of the premiums of insurance. They are a way for insurance companies and homeowners to share in the risk. Raising your deductible will reduce your monthly premium. However, do note that when you raise your deductible you will also have to pay more out of pocket if something happens.
Bundle Your Policies
Bundling your insurance policies helps save a lot of money. If you have home, auto, and any other insurance coverage through one agency, they can spread the risk across multiple policies, saving them money. The insurance companies will then pass those savings onto you.
Shopping around is probably one of the best ways to reduce costs. At Panorama, we work with a variety of carriers and will compare policies to help you find the best deal. This not only will help save you money, we’ll help save you time by doing all the legwork for you. To get started, give us a call. We’ll get started on finding all the ways to reduce the costs of your homeowners' insurance.