1. Safety and Security
You can decrease the amount of your homeowner’s insurance rates by assessing and improving safety and security features. An expensive security system will decrease your rates, but not everyone can afford the expense. That does not mean you are out of luck, because you can make improvements in less expensive ways. Consider installing some of the cheaper safety features that can lower your rates.
• Burglar alarms
• Smoke detectors
• Radon detector
• Carbon monoxide detector
• Fire extinguishers
• Dead bolt door locks
If you can afford to spend more, consider some of the more expensive improvements that will lower your rates.
• Install a sprinkler system
• Reinforce your existing roof
• Replace aged heating and air conditioning units
• Upgrade your homes electrical and plumbing systems
2. Comparison Shopping
Most people have a tendency to pay their homeowners insurance premiums when they get the statement, without a second thought. Never assume that you are getting the best rates available. Your premium might have been the cheapest when you originally bought homeowners insurance but that does not mean they still are. Reassess your insurance needs and comparison shop on a yearly basis. Use some or all of these shopping options before renewing your current insurance.
• Go online to find companies and get quotes
• Talk to family and friends
• Search the yellow pages
• Call multiple companies
• Check with your state insurance department
• Check the Better Business Bureau for complaints
To accurately shop for insurance, you must receive quotes based on the exact same type and amount of insurance with the same deductibles. Check the financial stability and reputation of any company before purchasing insurance.
3. Search out The Discounts
Not every insurance company offers the same discounts, so do not assume they are all the same. Ask insurance companies you are interested in what discounts they have available. It will likely be a mixture of some of the following discounts.
• Senior discounts
• Proximity to a fire hydrant
• Proximity to a fire department
• Group memberships
• Good credit rating
• Number of years with the same company
• Location
• Multiple policies with the same company
There are more ways to same money on homeowners insurance if you are willing to take the time to look for them. Instead of depending on a company to fulfill your homeowner’s insurance needs, take control and save money. A little extra time and effort will be well worth the effort.
