Basic Ways to Save Money on Home Insurance

Many homeowners look at their home insurance policy’s premiums going up and grow frustrated. They immediately look for a new insurance provider but end up facing the same problem of rising premiums. 

Thankfully, there are surprisingly easy ways to save money on home insurance that don’t include switching insurance providers. In fact, jumping between insurance providers can raise your premiums. Follow these easy steps to lower your home insurance rates. 

Add Safety Measures to Your Home 
Home insurance premiums are based primarily on the likelihood of a claim being filed on the home insurance policy. Adding certain safety measures to your home can not only safeguard your family, but it can also lower your insurance rate by dropping the likelihood of a claim. 

Easy safety measures you can add include adding a burglary alarm (including a sign for the alarm to deter possible thieves and burglars), updated fire alarms, flood lights for the outside, etc. It may also help to upgrade to an impact-resistant roof. 

Let your insurance provider know about any changes made to the home, as updates, can often lower your rates. 

Ask About Discounts 
There are plenty of discounts available for homeowners. Insurance providers do their best to maintain clients and will thus offer discounts to both new and old clients. Common discounts to ask about include: 

• Bundling home and auto discounts
• Loyal discounts
• Loyalty discounts
• New client discount
• Gated community discounts
• Raise Your Deductible 

Your home insurance deductible is the amount you will pay out of pocket when it comes time to file a claim on your home insurance policy before receiving compensation. Raising your deductible can save money on your monthly premiums, but keep in mind that this also means paying more out of pocket. A home insurance deductible is usually around $1,000. 

Have Damage Professionally Assessed 
Before filing an insurance claim, have a professional calculate the cost of repairs or replacement on damage to the home. If the damage to your home costs less to repair than the cost of your deductible, it can be cheaper to make repairs or replacements out of pocket. This also helps to your home insurance premiums rising due to filing a claim. 

Be sure to ask about discounts and speak to your insurance agent about different ways you can save money on your home insurance policy without sacrificing important coverages.