With the cost of living continuing to rise, there’s a good chance you’re looking to save in ways you may have never considered before. Take homeowners insurance for example, while it's an important and unavoidable cost, there are surprisingly easy ways to reduce its cost. Start by considering these three easy options for saving money on your homeowners insurance.
The first step in saving on homeowners insurance is doing the research. There is a staggering amount of licensed insurers out there, and while many of them might make it seem like home insurance costs are set in stone, they are not. It’s all about finding the right insurer with the right plan for you.
Scouring the web, asking friends and family, and contacting knowledgeable resources can help you find a plan that fits your budget. One valuable resource is the National Association of Insurance Commissioners (NAIC). The NAIC consists of chief insurance regulators from all 50 states and provides key information regarding the typical rates charged by the major insurers, as well as how many complaints each of those insurers have received from their customers.
If waiting on hold to talk to a government agency isn’t quite your style, consider consulting the experts at PFGI to help you find more affordable homeowners insurance.
Just like many insurance company mascots have constantly claimed, bundling could save you, for lack of a better term, a bundle. Many insurance companies offer discounts if you bundle multiple different types of insurances with them. If you’re unhappy with the cost of your car, motorcycle, boat, or any vehicle insurance along with the cost of your homeowners insurance, you can save money by combining all of your insurance needs with one company.
Homeowner’s can expect to save 5-15% on their insurance rates when they bundle two or more insurance policies. Some insurers even offer home insurance bundles for liability and health insurance.
Once you’ve found a company that offers a multiple policy discount, and are satisfied with their rates, try to stick with them. Many companies offer discounts to longtime policyholders. You could save even more on top of your bundled insurance if you remain a policyholder there for five or more years. If you’ve stuck with the same insurer for many years, ask about longtime policyholder discounts.
Remodeling may sound like a daunting task, but changes that improve the durability of your home can lower your insurance costs. For example, installing storm shutters to protect windows or replacing the shingles on your roof can help prevent storm damage tenfold. Upgrading your house’s internal systems such as heating, cooling, and electrical can be double cost-savings by both reducing the risk of house fire and lowering your energy bills.
Another home upgrade that could reduce the cost to insure your home is installing a security system. Ring doorbells and Vivint porch cameras have grown in popularity in recent years, allowing homeowners convenient access to guard their homes by simply checking their phones. Other security precautions like smoke detectors, alarm systems, and deadbolts are also proven ways to protect your home from harm. Be sure to contact your insurance provider to see if any of these home improvements will reduce your rate.
What’s one home addition to avoid if you’re trying to keep your home’s insurance low? Installing a swimming pool. Recreational features like an in-ground pool open up a whole new level of risk at your home and can raise homeowner’s insurance rates significantly.
If you’re unhappy with the cost of your homeowners insurance or are just looking to save some money each month, there’s no better time than now to consider switching your insurance, bundling your plan, or adding or upgrading features that will make your home safer and more secure.
For more information about how to lower the cost of your homeowner’s insurance, reach out to the experts at PFGI at 610-422-3530.