By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Financial Slot
  • Home
  • Business
  • Insurance
  • Wealth
  • Investment
  • Cryptocurrency
  • Loans
Reading: 9 Ways of Cutting The Cost of Homeowners Insurance
Share
Aa
Financial Slot
Aa
  • Home
  • Business
  • Insurance
  • Wealth
  • Investment
  • Cryptocurrency
  • Loans
Search
  • Categories
    • Business
  • Bookmarks
  • More Foxiz
    • Sitemap
Follow US
  • Advertise
© 2022 Financialslot.com. All Rights Reserved.
Financial Slot > Insurance > 9 Ways of Cutting The Cost of Homeowners Insurance
Insurance

9 Ways of Cutting The Cost of Homeowners Insurance

Kreg Bale
Kreg Bale January 21, 2021
Updated 2021/01/21 at 6:17 AM
Share
5 Min Read
9 Ways of Cutting The Cost of HomeOwners Insurance
SHARE

If you are a home owner then you would have a homeowners insurance policy in place which could be costing more than it should.

However, there are a few ways in which you could shave off some discounts on your premium and get a better deal on your policy.

These are some ways which you save on your homeowners insurance premium.

Raise Your Deductible

Your insurance deductible affects your premium. Raising your deductible will reduce your premium payment and put back money that would have gone to the insurer in your pocket . For example, increasing your insurance deductible to $1000 from say $500 can save you as much as 20% according to Mark Friedlander, spokesperson for the Insurance Information Institute.

- Advertisement -

Improve Your Home Security

Putting in place basic home security features, like smoke detector, deadbolt locks and burglar alarm can get you a 5% discount on your policy. Adding a comprehensive sprinkler system to the basic security features could increase your discount to as much as 15% or 20 %.

Skip Small Claims

You are better off paying out of pocket for smaller expenses rather than filing a claim.

Avoiding making relatively small claims on your insurer could pay off in the long run as some insurers offer certain discounts to clients who remain claim free over a certain period, usually a few years.

Ask About Lesser Known Discounts

There are lots of available discounts offered by most insurers which you won’t know about unless you ask. Examples are discounts offered for;

  • Recently bought house
  • No smokers living in the house
  • Choosing paperless billing
  • Paying your premium through automatic bank payments
  • Having a career in specific areas like , engineering, teaching etc,

Account For Home Improvements

Improving your home can make you eligible for some homeowners insurance discounts. Putting in place new features like storm shutters and impact resistant roofing which ultimately makes your house tougher to damage could lead to insurance savings. Upgrading outdated plumbing and electrical systems could also result in premium discounts.

You should request a new inspection of your home for evaluation of these improvements in order to maximize your potential discounts.

Bundle Your Auto and Home Insurance

You would typically save between 5% to 15% on your homeowners insurance premium by bundling your auto and home insurance policies with the same insurer. Several insurance companies provide discounts for clients who buy more than one type of insurance policy from them.

Build Your Credit Score

Your credit score could substantially impact your home insurance premium. This is because insurers in several states use credit based insurance score to fix rates. Having a low credit score in such situation could result in higher rates.

You can improve your credit score through steps like reducing credit card balances and paying bills on time. Also scrutinize your credit report to identify any errors.

Get Rid of High Risk Features

Although it can be lots of fun to have items like swimming pools or playground equipment at home but these can increase your homeowners insurance premium. Doing away with such items could lead to decent savings on your insurance.

Shop Around

Different insurers offer different rates for identical homeowners insurance coverage . You should shop around for the best rates available as this could lead to savings on your insurance.

There are tools on the websites of most insurers which allows you to get quick home insurance quotes by providing some basic information. This will enable you compare rates and also let you see if there are savings to be made by switching insurers.

You Might Also Like

How to Get the Most Out of Your Car’s Warranty

 How to Use Life Insurance to Build Wealth

How to choose the right box truck insurance partner for your trucking business

Four Tips for Finding the Right Business Insurance Policy

Discover The Most Popular Disadvantages of Captive Insurance

Sign Up For Daily Newsletter

Keep up! Get the latest breaking news delivered straight to your inbox.

By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Kreg Bale January 21, 2021
Share this Article
Facebook Twitter Whatsapp Whatsapp LinkedIn Email Copy Link Print
Share
Previous Article A Proven Guide To Grow Your Wealth In 2021  A Proven Guide To Grow Your Wealth In 2021 
Next Article productivity mistakes 9 productivity mistakes that can affect your ability to be rich
2 Comments 2 Comments
  • Pingback: A Comprehensive Guide of Homeowners Insurance and What It Covers
  • Pingback: The Different Types of Homeowners Insurance That Exists Today

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

- Advertisement -

Latest News

What is a Pay Stub
What Is A Pay Stub? Benefits Of Using A Pay Stub Creator
Business March 16, 2023
Jobs Available in Finance Customer Service 
Jobs Available in Finance Customer Service 
Jobs January 26, 2023
Is Electric Utility Central A Good Career Path
Is Electric Utility Central A Good Career Path? 
Business January 26, 2023
How to manage a crypto portfolio
How to manage a crypto portfolio 
Business Cryptocurrency December 22, 2022

You Might also Like

How to Get the Most Out of Your Car’s Warranty
Insurance

How to Get the Most Out of Your Car’s Warranty

October 6, 2022
 How to Use Life Insurance to Build Wealth
Insurance

 How to Use Life Insurance to Build Wealth

September 22, 2022
box truck insurance
Insurance

How to choose the right box truck insurance partner for your trucking business

September 21, 2022
Finding the Right Business Insurance Policy
Insurance

Four Tips for Finding the Right Business Insurance Policy

August 23, 2022
//

We educate over 20 million users on personal finance, wealth and asset management through our network of finance blogs

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

Financial Slot
Follow US

© 2022 Financialslot.com. All Rights Reserved.

Removed from reading list

Undo
AdBlock Detected
Our site is an advertising supported site. Please whitelist to support our site.
Okay, I'll Whitelist
Welcome Back!

Sign in to your account

Lost your password?