How to Influence a Lower Homeowner’s Insurance

Watch on your mobile device >>

Very surprisingly, many homeowners have no idea that if they were to shop around they could easily save a significant amount of money from one insurance carrier to the next. But there is an even greater hidden secret that could end up saving you hundreds of dollars more each year (if not more) and it is very simple.

It turns out that with just a few simple and easy “tricks” you can keep a lot more money in your pocket. Here are some great ways to help bring your home insurance premium payment down:

Update Your Home to Current Safety Code
One of the easiest (and inexpensive) things to do is to change out the old plastic dryer vent accordion pipe with a metal one. It takes minutes to do and as soon as your insurance finds out you’ve made the change that extra fire safety precaution will bring down your insurance rate.

Similarly, install updated fire and smoke detectors, put in carbon monoxide detectors and monitor chemical and gas levels in and around the home so that if needed you can have mitigation systems installed.

Lower Your Deductibles
How often does an insurance claim really happen? Take a look at your past track record and if you’re like most of us, chances are you don’t have a lot of insurance claims on the property. By simply increasing your deductible amount you will make your premium go down. At the same time it will help you to take extra precautions around the home so that you won’t have to file a claim and pay a large deductible.

Conduct a Mini-Audit of Your Home
Get in touch with your insurance agent and ask him or her to help you conduct a mini-audit. Take a look at all the existing policies, riders and coverage items you have. In addition, go through the home and identify other opportunities (like the dryer vent) that will lower your insurance rate.

Avoid Excessive Claims and Check With Your Agent First
A common mistake made by some homeowners is to file a claim, sometimes repeatedly, for issues that tend to raise red flags within in the insurance industry. For example, claims that deal with flooding, water-related issues or dog bites – all have the tendency to make your premiums go up. If possible, try to avoid making these claims and talk to your agent ahead of time to make sure they agree filing the claim is a good idea.
~
There are other ways to chip away at your homeowner’s insurance premium, such as checking to see if they provide discounts for local college Alumni or being a member of some associations.  Call your insurance agent for more ideas.

As always, we are right here ready for you when you are ready to buy your next home. We look forward to helping make your real estate goals come true.