Your home insurance policy can financially protect you from unexpected accidents that occur, such as natural disasters, vandalism, or theft. However, sometimes the price you’re paying for your insurance premium may be too steep.
Homeowners’ insurance policies and premiums can vary by hundreds to thousands of dollars, depending on the insurance company and other factors outlined in your policy. This often makes it challenging to determine how much you should be paying for quality coverage.
3 Tips to Reduce Your Homeowner’s Insurance Costs
Sometimes, your monthly insurance premium may be a bit outside your budget. The following are few tips to help you reduce your homeowner’s insurance premium.
#1: Increase Your Deductible
Oftentimes, if you increase your deductible, you can lower your premium. However, you should consider that in the event you need to file a claim, your deductible will be the amount you are expected to pay before your insurance provider pays the rest.
So, if you are going to increase your deductible to lower your monthly premium, be sure that you can afford your deductible down the road should you need to file a claim.
#2: Invest in Safety Features
If you have a pool or trampoline, you are likely paying extra for these safety hazard structures. While they may be fun, they also are considered liabilities to your insurance provider. Investing in safety features, such as a gate or fence, around these structures can potentially reduce your insurance premium.
Other safety features you might want to consider to help reduce your insurance premium could include upgrading your smoke detectors or installing a monitored alarm system.
These could save you between 5-20% depending on your policy. Before you install these systems, check with your insurance provider to see if you would be eligible for discounts or a lower premium.
#3: Shop Around
Insurance is a for-profit industry, with multiple companies competing for your business. That is beneficial for you because you always have options. Take some time to shop around and choose a reputable provider who offers you the best coverage for your specific needs at the right price point
You can often find a better rate and even eliminate any unnecessary coverage by shopping around. You should also speak with an experienced insurance agent who can help you understand exactly what your current policy covers and provide you with several additional quotes so that you get the best policy possible.
Helping You Shop for The Right Homeowner’s Insurance
Shopping for the best homeowner’s insurance policy and reducing your premiums can be overwhelming and challenging.
At GWK Insurance, our experienced agents can help you save time and find the best insurance policy to meet your unique needs. Contact us today to get started and see how we can help you find a policy that meets your needs and budget.