Does looking at the rates for your homeowners policy make you long for the days of renting…or even living under someone else’s roof? If so, don’t throw in the towel just yet. There are ways to save on homeowners insurance that you may not have even thought of yet. As an added bonus, some of them involve steps you may have already taken to improve or protect your house. Be sure to ask your insurance provider about discounts for:
- Smoke alarms
- Sprinklers
- Fire extinguishers
- Security cameras
- Alarm systems
- Deadbolt locks
- New electrical writing
- New furnace
- New foundation
- New pipes
- Roof repair or replacement
- Lack of claims in the past
- Membership in a Homeowner’s Association (HOA)
- Not smoking
- Gas sensors
- Moisture sensors
- Handrails next to your stairs
- Bundling insurance policies
- Getting a policy through an employer, professional association or alumni group
- Being above 55 and/or retired
- Living in a gated community
- Renovating your home
- Making your home more earthquake resistant (in certain areas)
If you’ve maxed out your savings from each of these measures, consider raising the deductible on your policy. This can in turn lower your premium. However, make sure you will be able to afford the higher deductible in case a claim is needed.
In general it’s a good idea to stay in contact with your insurance provider. First, you may learn about improvements to your home that basically pay for themselves. Second, by calling your provider at least once every six months, you can stay on top of any of the latest breaks being offered.
As with most policies or plans, if you periodically do some digging you can find some savings. If you’re currently paying for homeowners insurance, making a commitment to learning about savings and staying in touch with your provider can save you thousands over the life of your policy.
