If you are currently trying to make some cuts into your monthly budget and you’ve noticed that a lot of money goes on your home insurance, you’ve reached the right spot. We can help you use some tricks to lower the premium and keep it as minimized as possible. Without further ado, here are some of the smartest ways of dealing with home premiums.
Increase Your Homeowner’s Insurance Deductible
Usually, the costs of buying and owning a home are not the type of expense one would embrace without a concern. While owning a place of your own is great in its own, paying for the home might get a little more complicated. It can be easy to forget or try to ignore the costs associated with the process, and one of them is homeowners insurance. It’s a cost that cannot go away, but can on the other hand start to go up high because of inflation and other factors.
One solution to deal with the rising costs is to lower the premium by rising your homeowner’s insurance deductible. This is the amount of risk you accept prior to the insurer starting to pay on a claim. Given the fact that this insurance continues to rise over the years, there is no point in enabling the insurance company to assume all the risk. In case you have selected a low deductible $100 for example, you are advised to rise it to at least $500 and up to $1,000. This way, you will manage to “magically” save up to 25% on your premium.
Avoid The Main Types Of Risks
- There are specific categories of risks that insurers will tend to shy away from. If you own a Pit Bull or another breed that is considered to be dangerous, your policy will either become void or limited.
- If you do not have high quality and sturdy locks on the main entrance doors, your home will be at risk of being burglarized more often. Also, the insurance claim in case of a burglary might be limited or completely void because of your lack of concern over the matter of locks and alarm systems. If you have bought a house that has had previous owners, and you did not bother to re-key the locks or install fresh locks to prevent them from using their old keys to get inside the house, your insurance claim will also be more difficult to handle.
- Get in touch with a private home locksmith service in case you are not sure abbot the level of security that your existing locks can provide you with. Have local and insured locksmiths drop by as soon as possible and inspect your locks, sensors on alarm systems, and old keys whose efficiency you are unaware of. Have them replace, fix, or service the locks and – most importantly – add dead bolt locks to your existing sets of locks. This will ponder heavily in case of certain insurers.
Get All The Discounts You Are Eligible For
Did you know that you could receive a discount for owning a functioning smoke detector, a fire alarm, a deadbolt lock as mentioned before, or an alarm system? You have at least one fire extinguisher around the house? Even better! Are you over 55 and retired? You will most like qualify for an extra 10% off your premium.