Homeowner’s Insurance: Keeping Your Premium Low

Now that you have your home and a nifty homeowner’s insurance policy to go along with it, how can you keep your annual or semiannual premiums low? Fortunately, there are more than a few things you can do to save money on your insurance policy.

1. Care for your home

If you want more affordable premiums, it may be worth it to invest a little money into renovations and repair. If you improve your home, you may qualify for a lower premium! As well, you may actually be given the funds to take care of your home by the insurance company. For instance, if lightning knocked down a tree in your front yard, which then broke a window in your house – don’t let the window repair wait. Not only will you want your home to be in good shape, for personal reasons, but also your insurance company will provide coverage for this. In general, the better you care for you home, the lower your premium will be. It may require some investment of time and money from the start, but it will be worth it in the long run.

2. Find the discounts!

Just like with any insurance, there are always discounts available! Your options for discounts will depend on your state’s laws and your insurer. So when you’re shopping for a policy, don’t just compare the overall price – but take a look at what discounts you can benefit from, as they can drastically decrease the starting premium. Features like burglar alarms can make your home safer, and thus your home will be deemed a low risk to your insurer, and your premium will be lowered as a result. Other discounts are typically available for those over the age of 55 and for those who are long-term customers as well. You might even qualify for a discount if you belong to a certain organization or are employed by a certain business. Find out what you qualify for so you can take advantage of as many discounts as possible.

3. Get a high deductible

A deductible is the required amount of money that the insured is to pay for damages or losses before the insurer steps in to help. There are percentage deductibles and dollar deductibles. A dollar deductible is a set amount (for example, $1,500), while a percentage deductible is a percentage of the total cost of damage and/or losses. A percentage deductible can get quite hefty. While it may be tempting to go for an insurance plan that offers a low deductible, you may end up paying a higher premium as a result. Instead, look for a plan that has a high deductible – this way, you will actually be paying less for your insurance, as the annual (or semiannual) rates will be lower.


Financing a home is expensive enough at is – but insuring it can be just as overwhelming financially. So save yourself some money and peace of mind by taking these easy steps to keeping your premium as low as possible

 

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