Homeowners insurance is necessary, but it can be costly. You may be paying more than you have to. Here are some ways that you may be able to lower your premiums without giving up important coverage.
Compare Rates from Several Insurers
If you shop around, you may discover that insurance companies charge a wide range of premiums for the exact same coverage. Even if you compare rates before you bought your current policy, the company you’re with now may no longer be the cheapest. It’s a good idea to compare premiums once a year to make sure that you’re still getting the best deal available.
Bundle Your Policies
Companies that sell homeowners insurance typically offer other types of coverage, such as auto and life insurance. Bundling multiple policies, or buying two or more types of insurance from the same company, typically means lower premiums. If you currently have coverage through different insurers, get quotes to find out how much it would cost to bundle your policies.
Ask about Discounts
Insurance companies offer a variety of discounts to make coverage more affordable for their customers. Changes that make you less likely to file a claim may save you a significant amount of money. For example, you may get a percentage off your premiums if you install deadbolt locks and a monitored security system. You may also save money if you upgrade your home’s major systems and install features, such as shutters, that will protect your house from storm damage.
You may qualify for a discount on your premiums if you’re retired or if you work in a particular profession. Those types of discounts will differ from one insurance company to another.
Raise Your Deductible
If you file a claim, you’ll have to pay a deductible before your insurer will cover bills related to a loss. Insurance companies offer several deductible amounts, and premiums are generally lower for policies with higher deductibles.
If you currently have a low deductible, selecting a higher deductible may take a chunk off your premiums. Just be sure that you would be able to come up with that sum if you had to file a claim. If you can’t cover your deductible, your insurance company won’t pay a claim.
Get Help Finding Affordable Homeowners Insurance
Petruzelo Insurance makes it easy to compare coverage options and premiums from several insurers. We can discuss your needs, your current coverage, and how much you’re paying and work with you to find you a homeowners insurance policy with the coverage you need at a price that fits your budget. Contact us today to learn more.