Homeowner insurance is an essential for homebuyers because dealing with home repairs and damages can be costly. According to research, the average cost of home insurance is between $1,117 and $2,950, which can sometimes deter homeowners. However, it will come in handy in situations like when a leaky pipe causing flooding inside your living room or a storm breaks a tree which damages your roof. With the right research and planning, you can save money on your homeowner insurance. Below are a few tips to help you do so.
Improve your home security
Improving your home security doesn’t only keep the bad guys at bay but brings down your insurance costs. A burglar alarm, smoke detector, or some sturdy deadbolt locks can slice off at least 5% of your premium. You can also go big with a sprinkler system and a combination of fire and burglar alarms, and you might be looking at around 15% and 20%. You only have to talk to your insurer about the recommended installations, how much they’ll cost you, and the potential savings so you can get the best value.
Disaster-proof your home
If your home is in a disaster-prone area, it is crucial to prepare for the unexpected. This way, you’ll avoid pricey insurance premiums. For instance, storm shutters, shatterproof glass, and other measures like expert tile roof repair if needed can help ensure your building will be less damaged if a disaster occurs. You could also retrofit your home to make it earthquake-ready. Additionally, you can add a modern touch to your building by changing your plumbing, heating, and electrical systems if it’s within budget. Doing this will help reduce the risks of fire and water damage, reducing your premiums and saving you from the headache of major rebuilds.
Raise your deductible
Deductibles are the chunk of cash you fork out when the unexpected happens. Now, here’s the money-saving trick: increase your deductible and watch your premiums reduce. For instance, instead of the usual $500 or $1,000, consider increasing it a little. Although that means footing a bit more of the bill if trouble comes your way, your wallet will thank you in the long run. And if you live in a disaster-prone area, watch out for separate deductibles for major calamities. Consider all the angles, weigh the risks, and let your deductible guide you toward a pocket-friendly homeowners’ policy.
Bundle your policies
There are several insurance policies out there, and you only have to find which works best for you. Afterward, it’s prudent to bundle these policies to get the best out of them. Insurers will often toss in a sweet discount if you bundle your home insurance with other policies like your auto coverage. That said, it would be best if you research, take only what you need, and push for more savings.
The above tips will go a long way in helping you save money on your homeowner insurance and help you enjoy the most out of it when the need arises.
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