Saving On Home Owner Insurance Rates
Saving money is the new mantra for many individuals whether it is clipping coupons or buying in bulk. When it comes to insurance, especially homeowners insurance rates, there are a few additional steps that can be taken to lower your insurance premiums and save money. Some of these options are common sense and others may require a little additional work on your part but in the end any steps taken along the way means putting money back in your pocket. Below are some of the most common ways to save money on homeowner insurance rates in addition to some additional insurance ideas to cut costs.
A couple of steps which can be taken to save money is bundling all of your insurance policies together. It is a common practice for organizations to make more money combining services under one umbrella for the consumer. Many national insurance companies will allow homeowners to combine their home insurance coverage with automobile coverage and then pass on savings of between 10% and 20%. This type of insurance bundling while conveyed through marketing material as doing consumers a favor by keeping all their insurance together in reality just means more money for the companies. Is that bad? Not necessarily as long as the coverage is good and the aggregate price of all insurances are less expensive than when they are separate. It is a perfect example of a situation being win-win for both consumer and company. Another modification which should be applied to all insurances is to increase the deductible amount from $250 or $500 up to $1000 or $2500. Most consumers feel that when something happens they need to put in a claim to have any damaged fixed. What they don't realize is that the lower deductible leads to higher premiums which over years adds up to more than if they had had a higher deductible and just paid for the repair out of their own pocket.
Other steps which can be taken to lower homeowner insurance rates include making the house safer in general from both a security standpoint and for visitors. Most insurance companies will provide lower premiums if homeowners take steps to make their home more secure. These include installing deadbolts on exterior facing doors as well is adding a whole house security system. Homeowners will also benefit from adding fire extinguishers in multiple locations such as the garage and kitchen as well as adding fire alarms in older homes if they currently aren't installed. Trimming hedges and bushes which can block the line of sight and provide burglars coverage while attempting to break into the home as well is adding security lights with motion sensors will also help lower homeowner insurance rates. Don't forget about your guests and make sure decking and railings are both secure and well maintained to prevent accidents and injuries. This may not result in lower premiums but will hopefully result in no claims being made against your insurance for injuries sustained by guests. Between adding additional security and protections for the home as well as properly maintaining the property to prevent accidents they could possibly result in hundreds of dollars a year in insurance premium savings.
Taking these additional proactive steps can help save on home insurance rates by as little or as much as you are willing to put into implementing these ideas. Many ideas are just good to do such as adding fire extinguishers and trimming bushes around windows but taking additional steps like combining insurances and increasing deductibles may not occur to most homeowners. If you are serious about saving money on your homeowner insurance rates then it is best to be proactive and look at all possible opportunities to make your home a safer and better place to live.
