7 Strategies for Lowering Your Home Insurance Premiums
I love being insured, I just don't like paying for it. But, for those of us with a mortgage, we're required to maintain insurance on our homes to protect the mortgage company's investment. I get it, really I do. So, my strategy with home insurance and every other kind of property insurance (like auto insurance) is to pay as little as possible for the best possible coverage. Easy, right? It actually is! Here are seven strategies you can use right now to lower your home insurance premiums:
• Set higher deductibles to lower your premiums. Unless you specifically ask about your options on deductibles, your agent will usually sell you a policy with a low deductible. Ask about your options and choose a higher deductible.
• Most companies offer discounts for smoke detectors, burglar alarms, third-party alarm monitoring systems, dead bolts, fire extinguishers, and Neighborhood Watch programs, so be sure to inquire.
• Insurance agents are willing to compensate you for your loyalty. Earn “multiple coverage” discounts by using one carrier for all insurance needs.
• Going without a claim for three to five years may warrant a discount. Most companies also reward longevity of service. If you’re not getting a discount, ask about it and/or shop around.
• Some companies offer discounts to people who have paid off their mortgage. Again ask about it.
• Discounts may also apply if your home was built or rebuilt within the past 10-15 years.
• Check out non-smoker, early retirement, and live-in-housekeeper discounts.
The quality of service your insurer provides is incredibly important. With insurance agents, you generally don’t need them until you really need them, so make sure he or she offers the level of service you need. Personally, I want to be able to reach a live person via phone day or night, and I’m willing to pay for that service. How about you? When you call your agent to negotiate discounts, consolidate policies or check on your current deductibles, it’s a great time to ask about the process for filing a claim to make sure it’s a process that works for you.
Whether you’re in Almaden, Cambrian, Willow Glen or beyond, I’m here to help you with a referral for a trustworthy insurance agent. I'm never more than a click or call away!
Lucinda Layton, Realtor®