Whether you’re new to homeowning or are looking for new ways to save money, you may be searching for ways to reduce your home owner’s insurance premiums. In addition to paying your mortgage, you have bills like gas, water, and electric, on top of all of your other maintenance responsibilities. While being a homeowner can get costly, it pays to save at every chance you can.
Saving on Your Premium
Having insurance is a necessity, but that doesn’t mean you can’t get a deal on the home owner’s insurance premium. On average, a homeowner will spend a little over $1,000 a year for their insurance premium. These following tips will help you save money on your premium.
1. Increase Your Deductible
According to Upside Insurance Greenville, homeowners can increase their deductible if they think they won’t have any significant loss in the future. By reducing your insurance carrier’s risk, you will be able to reduce your premium. However, this means that you will increase your own risk, though you will be paying less for your annual premium.
2. Invest in a New Roof
In certain states, you can reduce your premium by investing in a new roof. When a new roof is installed, you’ll be able to reduce the amount of risk the insurance company has to take on. With older roofs, there is an increased risk of leaks, loose shingles, as well as storm damage due to the weakened state of the older rood. If you are considering getting a new roof to reduce your insurance premium, be sure to contact your insurance carrier to see if the new roof will actually reduce your payment.
3. Consider an Impact-Resistant Roof
States that are a considered to be a part of the hail belt can a enjoy reductions in their insurance premiums when they install impact-resistant roof products. These products help to protect the roof against hail and similar precipitation, allowing the insurance provider to reduce their risk.
4. Bundle and Shop Around for Policies
Bundling policies will help you save more. If you can bundle your insurance policies with the same provider, you will be able to reduce your homeowner insurance premium. This is because you reduce your cost per policy as well as provide your insurance carrier with a complete insurance loss history by using them for all of your policies.
Becoming a homeowner doesn’t have to break your bank, and neither does paying for insurance. By using these four tips to reduce your home owner’s insurance premiums, you will be able to save your money for all the other expenses that the joy of home ownership brings.