- Look into getting a discount for having things like: a security alarm system (especially true if it notifies police there has been a break in), smoke detectors, carbon monoxide detectors, fire extinguishers, a pool that has been secured with a fence and lockable gate, rails along the stairways etc. Don’t be afraid to ask for a discount from your insurance carrier for things that make your home safer.
- Have multiple policies with 1 insurer. For instance having both your homeowners and auto insurance with the same insurance company could save you some nice money. Dealing with one insurer instead of multiple ones could make things more convenient for you as well.
- Regularly review the cost of your homeowner’s policy. Request quotes from other insurers and ask how they can be competitive with your current policy. If your happy with your current insurer but get a good offer from a competitor (that is less than your current policy), ask your current insurer to match the offer.
- Consider increasing your deductible. Now you want to be very careful with this especially if your cash flow is tight because you’ll have to put more money out of pocket if a claim does occurs.
- Make your home more resistant to potential damage. This is especially useful when your renovating or building an addition. For instance if your upgrading your plumbing or getting fire resistant shingles on your roof etc. ask your insurance company what savings are available for your homeowners policy.
- Realize that your credit history may affect your policy cost. Not all insurers look at your credit but the trend is that more insurance companies are. Potentially saving money on insurance is just another reason to pay bills by their due date, check your credit report for mistakes and be conservative on credit used.
I hope you found this useful as I’m always looking to provide useful insurance information and tips here.