Home Insurance Savings Tips

Real Estate

Home Insurance Savings Tips

A necessary part of homeownership is purchasing a homeowners insurance policy which helps to protect your home and any liabilities arising out of the ownership of that home. It is a package policy that covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people. This includes damage caused by household pets.

Check out this article from U.S. News on 4 things to know before buying homeowner insurance. 

Below are some tips on how to keep the insurance premium down.

  • Set higher deductibles to lower your premiums.
  • Most companies offer discounts for smoke detectors, burglar alarms, third-party alarm monitoring systems, dead bolts, fire extinguishers, Neighborhood Watch programs.
  • Earn “multiple coverage” discounts by using one carrier for all of your insurance.
  • Premiums will be higher if fire stations and fire hydrants are too far away.
  • Going without a claim for three to five years may warrant a discount. Most companies reward longevity of service. Some companies offer discounts if you’ve paid off the mortgage.
  • Discounts often apply if your home was built or rebuilt within the past 10-15 years.
  • Check out non-smoker, early retirement, and live-in-housekeeper discounts.