Lowering Your Homeowners Insurance Premium

By | October 5, 2021

We all have a dream to have our own home. And your own Home Insurance Premium has got to be your most valuable investment in life. Ensuring your home is important, but for this, you don’t have to spend a fortune. So, whether you’re the proud owner of a new home or own your home for years, listed below are 10 top ways to cut down your homeowners’ insurance premium.

Top 10 ways to pay less for more coverage. – Insurance Premium

  1. Condition
    The general wear and tear on your home is taken into consideration by the insurers to set a premium. The agents will inspect your roof, termite damage, wiring system etc. New homes offer better condition and some homeowners insurance companies offer up to 15% discount on new homes.
  2. Construction
    The construction type of your home makes it more or less resistant to damage. Ex: Brick homes are preferred in east due to the resistance to wind damage, while frame home are better in west due to earthquake resistance.
  3. Deductibles
    Before your insurance company pays the claims, you need to pay some money towards the damages. This is referred to as deductible. Lower Insurance premiums are the offshoot of higher deductible amounts.
  4. High Risk Areas
    Standard homeowners insurance doesn’t cover damages caused by flood and earthquakes. You will have to pay for extra coverage towards catastrophic damages. These do tend to be costly.
  5. Safety & Security
    Burglar alarm systems, deadbolts, sprinkler systems, smoke detectors can earn you about 5% discount.
  6. Loyalty
    If you own a car and are looking for insurance then you may stand to gain if you get your car insured from the company that insures your home. Or you insurance premium may get reduced if you remain loyal to the company.
  7. Smokers
    Smoking means risk of fire. If you are a smoker, it is possible you will have to pay more towards your homeowners’ insurance Premium policy.
  8. Coverage
    Homeowners’ insurance policies usually cover damages or loss to your home and its possessions, but some other packages that provide benefits including personal liability coverage in case someone is injured or hurt on your property. Read the fine print for prices and coverage varies significantly between packages that appear similar.
  9. Retiree or Senior Citizen?
    If belong to the age group of 55 and above and retired, check with your insurance company to see if you qualify for a discount. Most insurance carriers offer discounts because to senior citizens as they stay at home more often and can spot fires sooner than working people. Moreover, they have more time for maintaining their homes. Therefore, if you are a retiree you may get discount of up to 10% if you qualify.
  10. Group Discounts
    You are bound to obtain better rates if you get coverage for your own through a group plan. Group discounts can be availed and check with your employer, or other affiliations such as alumni associations.
Lowering Your Homeowners Insurance Premium
Lowering Your Homeowners Insurance Premium

Also Read: How Can I Save Money on Home Insurance?What is auto insurance? 2021

For more information, you can also contact your state insurance department for more information on various insurance companies.

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