3 Things That Can Help Lower Your Homeowners Insurance Premiums
For some people, the idea of insurance helps them feel more at peace with the uncertainties in life. For others, insurance feels like a bill you pay each month only for something that could theoretically happen. But if you ever do need to make a claim with your homeowners insurance, you’ll likely be glad you made that financial sacrifice each month. Luckily, there are a few things you can do that will make that monthly payment less of a burden on you without sacrificing your total coverage. To show you how, here are three tips to help you lower your homeowners insurance premiums.
Embrace the Bundle
There are a few things in life that you want to have insurance for. Some of these things include your home, your cars, your other expensive items, and your life. If you got these insurance policies at all different times, you may have also gotten them from all different carriers. This could have been due to getting a better deal with one carrier than another at a particular point in time. However, Devon Thorsby, a contributor to U.S. News and World Report, shares that you may be able to save yourself money if you choose to bundle all of those policies with the same carrier. By going to one carrier for multiple insurance policies, you’re likely to get a discount that you otherwise wouldn’t get.
Consider Boosting Your Deductible
Insurance is a balancing act between risk and reward. If you’re willing to risk more financially, you may also feel that you’re getting rewarded more financially. One way to increase the financial risk and the potential reward simultaneously is to increase the deductible on your homeowners insurance. Deborah Fowles, a contributor to TheBalance.com, writes that if you’re willing to increase the deductible—which is the amount you’ll pay out-of-pocket before the insurance company will start picking up the bill—you could drastically reduce the amount you’re paying each month. While this could mean taking a bit more of a financial hit if your home needs repairs, the money you’re saving on monthly premiums could help to balance out that additional risk.
Make Your Home Safer
Insurance companies want to hedge their bets regarding having to pay out on your homeowners insurance policies by ensuring your home is as safe as possible. Following this logic, if there are things about your home that might be red flags for an insurance company, you should consider fixing these things as a way to decrease your monthly premiums. Geoff Williams, a contributor to Bankrate.com, suggests taking measures like installing smoke detectors, a home security system, and fire extinguishers as ways to increase the perceived safety of your home. Not only could these things save you money on insurance premiums, but they could also help to regulate your other monthly bills as well.
If you’re looking for ways to pay less for your homeowners insurance each month, use the tips mentioned above to help you accomplish this goal.