Saving Money on Your Home Insurance Policy

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Looking to Cut Costs in Your Budget? Here are a Few Tips for Saving Money on Your Homeowner's Insurance!

Look, buying a home isn't cheap. There are costs involved everywhere you turn. But it almost ALWAYS makes more financial sense to purchase a home than to rent one. So what can you do to save a little money on the process?

Somewhere you might not have thought to look would be your homeowner's insurance. Everyone gets it. Usually buyers go through who their most familiar with, who they've had insurance through in the past, who their Realtor, loan officer, or friends have recommended to them.

Here are a few things to consider when shopping around for and choosing home insurance.

1. Set higher deductibles to lower your premiums. 

2. Look into safety discounts. Most companies offer discounts for smoke detectors, burglar alarms, third-party alarm monitoring systems, dead bolts, fire extinguishers, and Neighborhood Watch programs. Are you aware of any of these in your home?

3. Earn “multiple coverage” discounts by using one carrier for all of your insurance. When it comes to insurance, bundling is a great option to save some money. Try and find a company who you can use for homeowner's, car, and/or life insurance. The more you're able to bundle, the more you can save.

4. Premiums will be higher if fire stations and fire hydrants are too far away. Okay, I know it's not the first thing you look for when looking at houses (or, even, the last). Unless you're like my husband, who can tell you every exit in a building and where the nearest hydrant is located absolutely anywhere we go, you're probably not looking for a fire hydrant.... at all. Since not everyone can have a firefighter accompanying them on a showing (it's a blessing and a curse, really) I'm here to point out to you that it IS something you should think about when looking at houses. Because if there isn't a hydrant near you, you're going to have to pay for that. 

5. 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. Does this apply to you? If so, ASK what they can do for you because of it!

6. Discounts often apply if your home was built or rebuilt within the past 10-15 years. 

7. Check out non-smoker, early retirement, and live-in-housekeeper discounts. And, ask your insurance agent if there are any discounts that you might not have thought of. Tell them you're shopping around!

Hopefully this gave you a few ideas to ask your homeowner's insurance agent when you're shopping around. And as always, please don't hesitate to reach out to me with any questions or to chat about anything real estate!