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cost of homeowners insurance

Is there a way to lower the cost of homeowners insurance?

Homeowners insurance is par for the course if you want to protect your investment. However, even though it’s an unavoidable expense, there are ways to lower the cost of homeowners insurance. Here are some effective ways to reduce this bill.

Increase the deductible

Your insurance deductible is what you pay out of pocket for every homeowners insurance claim that you file. Increasing your deductible to an affordable amount lowers your premium, which means you pay less to your insurer over time. 

Take advantage of discounts

There are all sorts of discounts available to lower the cost of homeowners insurance, depending on the insurance company. These include discounts for loyal customers and those who maintain and upgrade their homes. Group insurance programs for employees can also offer a better deal if available. The trick is to ask your agent the right questions and make sure you take advantage of any discounts you qualify for.

Reduce your insurance risk

Homeowners that pose a lower risk to insurance companies usually have to pay a lower premium. For instance, you can make home improvements to reduce the risk of fire, earthquakes, and water damage. You can also reduce your premiums by making your home safer. Installing smoke detectors, burglar alarms, and dead-bolt locks are some of the things that can help you save on premiums.

On the other hand, things like owning a particular dog breed such as Pit bulls and Rottweilers can increase your insurance costs. The same goes for owning a swimming pool or trampoline.

Bundle your insurance policies

homeowners insurance policyTalk to your insurance agent to understand if bundling your insurance policies can help lower your premiums. If the company sells homeowners insurance together with vehicle insurance, buying both these products usually comes at a lower cost than having coverage from different insurance companies.

Get rid of unnecessary coverage to lower the cost of homeowners insurance

Make sure you are not paying for coverage you no longer need. During your home inventory, look at other structures on your property that are no longer used, for example, a rundown shed or a perpetually locked garage. 

If your land is covered by insurance, you should also consider removing it to lower your cost of homeowners insurance. Typically, coverage is more important when it comes to things like your home and its contents. 

Limit the number of claims

Having a high number of claims can hike your premium. This is because insurance companies will start seeing you as a high-risk homeowner. To lower your premiums and keep the risk you pose to a minimum, consider paying out of pocket for minor things. While it’s not always fun having to part with money, it can save you more in the long run.

Read the fine print

Your insurance company usually provides the full details of what’s covered and what’s not covered in your policy. Take the time to go through the pages thoroughly. Ask your agent to clarify any confusing or unclear information. This review will help you determine the areas you can cut back on when reducing your premiums.

Boost your credit score

homeowners credit scoreThis may vary from state to state, but a low credit score may hold you back from enjoying lower premiums. The best way to improve your credit score is to pay your bills on time, reduce the number of open credit accounts, and keep your credit utilization to a minimum.

Lower the cost of homeowners insurance by contacting Hosto Financial & Insurance Services

Understanding these basic factors of the cost of homeowners insurance is critical to making any home insurance decision. Once you understand the different coverage levels and policy add-ons, you can begin to determine what your needs and desires are when making your home insurance decision. 

If you are seeking advice about getting homeowners insurance, give us a call at (618) 779-5808.

Wondering what is not covered in homeowners insurance? Find out here.

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