Lower Your Homeowners Insurance Premium with These Discounts
A high homeowner’s insurance premium can significantly cut into your monthly finances. If you’re seeking to lower your homeowner’s insurance premium, consider these tips and tricks to take advantage of discounts or opportunities to lower your payment.
Raise Your Deductible
A homeowner’s insurance agent can work with you to raise your deductible on your homeowner’s insurance policy.
Raising your deductible means that if an incident occurs and you need to file a claim, the payout will be reduced by the deductible amount. If you can afford to raise your deductible, your monthly payment can be significantly reduced.
Work with an Insurance Agent to Bundle Insurance
Some insurance agencies in Tallahassee, FL will give you a reduction to your overall premium if you bundle multiple types of coverage from the same company. For example, you could package home and auto policies together. Doing this could lower your overall monthly insurance cost.
New or Updated Homes May Be Eligible for Discounts
Some providers will lower your premium if you have installed items that protect your home from damage, such as an impact-resistant roof or siding. Consider these discounts during renovations or new builds.
Improve the Security of Your Home
Insurance companies may reduce your monthly premium if you have installed a security system on the property. This can include sprinkler systems that protect against fire or burglar alarms that automatically notify the police department about intruders.
Maintain a Solid Credit Rating
Keeping a good credit score could lower your insurance premium costs. Increasingly, insurance agencies consider your credit score when they’re pricing insurance policies. Making sure your score is as high as possible could significantly reduce your premiums.
Insure Your Home for Replacement Cost, Not Market Value
Confirm that your insurance policy is based on the replacement cost, not the market value of the home. These two numbers can be quite different. The cost to actually rebuild a part of your home should an incident occur would likely be much less than estimated market value. In addition, make sure your policy does not include the value of land, as your land is less likely to be affected in the event of a disaster.
Review the Value of Your Scheduled Items At Least Once a Year
Ensure that the list of items included on your homeowner’s policy remains accurate. For example, if you include jewelry or other luxury items in your policy, verify that you still own them and that the value is still correct. Some items may decline in value over time. If you no longer own an item, it makes no sense to have it included on your homeowner’s policy.
Know the Age of Your Electrical, Heating, and Plumbing Systems
If your home is less than 30 years old or if you have upgraded your electrical, heating, or plumbing systems, you may qualify for a reduction in your insurance premium. Ask your Tallahassee insurance broker if you could potentially qualify for this discount.
Stay with the Same Insurer
Oftentimes, insurance agencies will give you a special discount if you stay with them for several years. It’s common for agencies to offer a credit if you remain a tenured customer.
On the market for homeowners insurance that fits into your budget? Look no further than Demont Insurance Agency! We have been providing the entire Southeast with insurance policies that are tailored to each unique lifestyle.