Looking for ways to save on your homeowner's insurance? Look no further. We got the top 5 ways to get that premium down.
#1 Bundle
Bundle as many policies as you can. You can save on a little as 2 policies with the same insurer but some really substantial savings can kick in when you get in the 3+ policies range. Bundle discounts can range in the single to double-digit percentages and can get as high as 25-30%.The most popular bundle is typically home and auto. Some people save such a considerable amount by adding a 3rd policy that it can almost pay for itself. For instance, people who never considered life insurance might consider adding it if the bundled savings are big enough. Never thought you could afford life insurance? Let’s take a look together. The answer may surprise you.
#2 Higher deductible
Opting for a higher deductible is a quick and easy way to reduce your premiums. Just don’t be tempted to select a higher deductible than you can afford. When you select a higher deductible, you’re hedging your bets that you won’t have to file a claim and pay that higher deductible.
Some of our clients will opt for the higher deductible/lower out-of-pocket cost and then they set aside the money they save just in case they ever have a claim. If you never have to file a claim, the money is yours; if you do end up having to file a claim, a little rainy-day savings can help to offset that higher deductible.
#3 Lower coverage or opt out of optionals and extras
Plain and simple, coverage is the main factor in determining rates. Just like selecting opting for a higher deductible in exchange for a lower premium, there is a tipping point where this won’t make sense mathematically. You don’t want to reduce your coverage so much that you aren’t adequately covered by your insurer. We can help you sort through what things to consider when selecting coverage amounts.
#4 Home security installs and upgrades
Home security systems are one of the most affordable ways to improve your home and protect your property. It just so happens that it can also be a means to reducing your insurance premium. Security systems, alarms, and even monitoring have become much cheaper in recent years, making it more affordable and appealing to the masses. But don’t go overboard with a system that won’t get you a return on your investment. If you’re not sure, check with us to see exactly what the insurance companies are looking for and what will get you the best bang for your buck.
#5 Man and woman's best friend
We all love our four-legged friends and no one is ever going to ditch their pet for cheaper insurance. But, if you’re considering rescuing or purchasing a pet, especially a dog, feel free to check with us first. Unfortunately, most insurance companies discriminate against certain breeds. That bias can mean increased premiums or outright denial of coverage. If your dog has a history of biting or the insurance company considers them to be more likely to bite someone, this can also really hurt your chances of getting reasonable insurance rates. If you fall into this category, contact us and we’ll help you find a solution. Here are some of the most common breeds you will run into trouble with when it comes to insurance: pitbulls, dobermans, rottweilers, german shepherds, chow chows, huskies.
Experiencing information overload? If you’ve got better things to do than spend a few hours shopping quotes online, contact us today and let us do the heavy lifting.
