As a homeowner, one of the expenses you face is homeowner's insurance. Homeowner's insurance is one of the best ways to protect the investment you made in your home. However, there are a few lesser-known ways you can work to cut the cost of your homeowner's insurance premium.
1. Don't File Small Claims
One way to keep your premium down is to avoid running to your insurance provider every time something minor happens to your home. With small issues that you can afford to fix on your own, you should pay and deal with them on your own instead of making a claim.
If the repair is small enough and less than your deductible, all you are going to do is add a claim to your record. Even if your insurance company doesn't have to pay the claim, it will still have a negative impact on your insurance rates. Many insurance companies offer a discount for staying claim-free for a set number of years, so not filing minor claims can be beneficial to your pocketbook over the long term.
2. Communicate About Improvements
When you improve your home, you will want to contact your insurance company and let them know about the improvements you made. Many home improvements can actually help reduce your insurance costs by making your home safer.
After you make the improvement to your home, you are going to want to ask for an inspection by the insurance company in order to reduce your insurance costs.
A few examples of improvements that could help you reduce your insurance premium include things such as installing storm shutters or impact-resistant windows, upgrading plumbing, upgrading the electrical system, or installing a new security system.
3. Get Rid of Risky Items
Third, there are items you can own that drive up your insurance costs. For example, having a swimming pool may be fun, but it can really drive up your insurance, as it presents a huge liability risk. Even having a trampoline can drive up your insurance costs. Therefore, if you have any attraction nuisances, you will want to consider getting rid of them to lower your insurance costs.
4. Ask for Unusual Discounts
Fourth, be sure to see if you qualify for any unusual and lesser-known discounts. For example, some insurance companies will offer you a discount if you don't have any smokers in your home. Sometimes you can get a discount for working in a specific career, such as being a firefighter or teacher or working in another public-facing profession. Or you can see if you can get a discount by choosing paperless billing or by automating your payments.
There are creative ways you can save on your homeowner's insurance by avoiding filing small claims, communicating about improvements to your insurance company, getting rid of risky items, and asking for unusual discounts. Contact a company that offers homeowner's insurance to learn more.Share