Many people dread the renewal time of their home insurance policy because they know that, as in previous years, there will be an increase in their premium. The question is, what can one do about it? Here are ways to lower your home insurance premium.
Raise Your Homeowners Insurance deductible
You won’t have to pay much if your roof gets damaged or destroyed by a storm, etc.
Shop around for a cheaper provider
There’s no rationale why you should fork out thousands of dollars a year just because your current insurer isn’t meeting your needs. As with anything else, shopping around will save you money.
Try to build a good relationship with your insurer
Insurance companies love long-term customers, so the more time you spend with them, the better. Don’t make any claims in the first few years that you have insurance—The main thing here is to avoid making any claim against your policy until after the initial 3 years when your policy starts to become cheaper. You will save money by not making any claims at this time.
Check to see if there are any local competitors nearby
In this way, your insurer may give you a slight discount on your premium if they see that another local company is offering the same services at a similar price point. Your current insurer may be inclined to lower your premiums to entice you to stay with them over the competition.
Include safety devices in your home
Safety devices include items such as fire alarms, smoke detectors, etc. Doing this will assure your insurer that your home is safe and secure, giving them the peace of mind to lower your premium.
Have a security system in your home
This can be very effective at ensuring that intruders are kept out, but it is also likely to lower your premium because insurers will see you as more alert and cautious than other homeowners.
Ask your insurer if they will offer you a lower rate due to your occupation
If you work in the medical profession, it may be that they will offer you a discount provided you are honest about what work you do.
Insist on an in-house warranty
With this policy, your insurer will cover the costs of any repairs, upgrades, or replacements needed to make your home as safe and secure as possible.
Get a home safety certificate
These come from the government for free, but they tell your insurer how safe your property is and how you keep it! If this certificate was available to all citizens, it would save so much money in the long term.
Fight back against the increase
This is the best way to see that you are not being ignored and will likely result in a decrease in premium. Just be sure not to go overboard by trying to prove faulty wiring etc…
Get a home add-on policy
This extends your home insurance to cover everything you own, not just your home. For example, suppose you have expensive items in your car that could be damaged in a collision on the motorway. In that case, your insurer will want them covered under the policy rather than having to pay out themselves.
Join a group insurance scheme
This can save you thousands as it means that many people with similar requirements can get together and negotiate a discount with their insurer.
Check your existing policy
Read through it and see if there is something in there that you need to change, like a lowered safety rating or increased fire risk.
You can do countless other things to lower your insurance premium, so it only makes sense to get on the phone and call around until you find the most affordable offer that meets your needs. Just remember that it’s not worth switching to a different company just because they are cheaper at the time. You will want to check their customer service and previous testimonials before making a final decision.