7 Ways You Can Lower Your Homeowners' Premiums

Jun 29, 2022

Home Insurance

7 Ways You Can Lower Your Homeowners' Premiums

Homeowners' insurance is a must-have if you own a home. Most lenders require it, and it makes sense that you protect one of the biggest investments you will ever make. There are many ways to make the premiums more manageable and maintain an appropriate coverage level. This blog discusses some easy ways to minimize the cost of your homeowner's insurance.

    1. Compare Different Policies

      It is always better to scout out and compare different policies instead of buying the first policy offered. An independent insurance professional can help you compare multiple options and explain the differences. The more policies you review, the better your chances of finding a policy that best suits your needs.
    2. Increase Your Deductible

      Increasing your deductible will lower your policy and helps you save on your monthly premiums. Raising your deductibles means that the amount you are responsible for when you file a claim will increase. Paying your deductible is an important part of the claims process.
    3. Avoid Filing Small Claims

      Filing numerous small claims will raise your premiums substantially. Try paying for some of the smaller claims yourself so that your insurance premiums remain low and manageable. Small claims may eat up your deductible and increase your premium for the future. Filing too many claims may put your larger claims at risk of being denied.
    4. Increase Your Security at Home and Minimize the Risk of a Break-in

      Increasing your home's security decreases your risk of a break-in. Installing a home security system, investing in exterior lighting, and putting up a privacy fence are all key security measures that you can rely on to improve your safety. Including environmental sensors in your home automation and security systems is a great way to monitor your home for moisture and temperature changes. Additionally, having your security system monitored professionally is another way to reduce your risk.
      Also Read: Home Security Tips to Keep Your Home Safe
    5. Bundle Your Policies

      Bundling your home and auto insurance will lower your premiums as well. Combining your policies puts all of your insurance information in one location. It makes it easier for both you and your agent to maintain your policies. By bundling your insurance policies, you save the insurance company money on administrative costs. These savings will then be passed on to you.
    6. Eliminate High-Risk Items

      Eliminate any high-risk items that you may have at your home. Swimming pools and trampolines are high-risk items that may increase your insurance premiums. If you have broken steps or walkways, make the needed repairs to reduce the risk of injury to your guests. Consider how they will impact your insurance cost before getting them for your home. However, if you own large collections of valuables or antiques, selling a few of them will also dramatically reduce your premiums.
    7. Improve Your Credit Score

      Improving your credit score is one of the best ways to reduce your insurance premiums. Paying your bills on time indicates a higher commitment to your responsibilities. It shows you work hard at taking care of what you own and are accountable for your spending. Most people don't associate your credit score with insurance premiums, but it stands to reason that if you are responsible for your bills, you will also reduce your risk of loss in other areas.

Find out how to minimize your insurance expenses and lower your premiums by contacting our insurance experts at CV Mason Insurance. We are uniquely capable of evaluating your policy and finding many different ways for you to save money and stay within your budget. Get your lowest home insurance Quote in Bristol, CT, from us today!

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Related Article: Do Homeowner’s Insurance Premiums Increase From Year to Year?