3 tips for reducing your homes insurance premium

June 14th, 2012

3 Tips for Reducing Your Home’s Insurance Premium

Are you looking for ways to save money? Have you considered evaluating your homeowner’s insurance policy as a possible way to reduce your household expenses? The first thing that people think when trying to lower their home’s insurance premium is they must shop around for another insurance carrier. While this may produce savings, there are other ways to save on your premium and possibly stay with your current insurance carrier. Below are three things you can do to reduce your home’s insurance premium:

Bundle Insurance 

Bundling your homeowner’s insurance policy with other policies, such as life and auto, helps to lower your premium. This is referred to as a multi-line discount. According to the Insurance Information Institute, bundling policies can lower your insurance 5 to 15 percent. If you currently have multiple policies spread across different insurers, you may want to ask your current insurance carriers to provide a quote with all your policies combined. You can then decide who has the most competitive rate and move any other policies over to that one insurance provider.

Increase your deductible 

Inquire with your insurance provider how much you can save if you increase the deductible on your insurance policy. The more risk that you are willing to take; the less the immediate cost will be to you. This is an ideal way to save on your premium for those who can afford the higher deductible.

Make your home disaster-ready 

The more secure your home is, the more savings you will receive on your home’s insurance premium. Smoke detectors and deadbolt locks may qualify you for some savings. However, making a bigger investment to ensure the safety of your home may earn you an even bigger discount. Home alarm and fire sprinkler systems put your home at less of a risk for break-ins and extensive fire damage.

The first thing you should do is review your policy to see if you are currently receiving the appropriate discounts for any security features you currently have. If not, request that your policy be reevaluated. If you are interested in having a security system installed in your home, ask your insurer for more info on what systems will qualify you for a discount.

If you haven’t explored these options to lower your home’s insurance premium, do so today. The only thing you have to lose is a fraction of your premium.

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