| July 10, 2013

Four easy ways to lower your homeowner’s insurance premium

When budgeting for the month, it is important to take a long, hard look at all of your expenses. If you find that you are unable to cover them, you will need to find a way to cut back on one or two. 

One expense that can be reduced through numerous simple steps is homeowner's insurance. 

Step No. 1 – Increase your deductible

When insurance coverage needs to be used, you will have to pay a deductible. The cost of this helps determine what your monthly premium will be – the lower your deductible, the higher the premium. With that said, you might want to consider raising this cost to help make your monthly homeowner;s insurance payments more affordable. Of course, you will be taking a risk because if you ever have to use your coverage then your savings will be moot, but sometimes you have no other choice. 

Step No. 2 – Shop around for lower rates

One major mistake you might be making when it comes to your homeowner’s insurance is sticking with the same company. While this may come with its benefits, such as loyalty discounts, but that doesn’t mean you are getting the best possible rate. To help ensure you have the most affordable policy available, you will want to visit with multiple insurance providers. It is best to get quotes from at least three, and if you want to stick with your current one you can use the lowest offer as leverage to get your current premium reduced. 

Step No. 3 – Add security improvements

Another helpful hint that can help you lower your homeowner's insurance costs is to add a security system to your home. Adding an intricate system that has video monitoring and an alarm that alerts the police is probably the best type to install, but simple things such as a smoke detector or motion sensor lights can also get you a discount on your premium. 

Step No. 4 – Don’t include the value of your land

The purpose of homeowner’s insurance is to cover any losses to your house as a result of damages in a storm or break in. However, the land your home sits on likely doesn't need this same protection, as it probably won't be damaged in a storm or fire. Knowing this, you should make sure your insurance provider isn’t including the value of your land to come up with your premium. 

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