By Cathy Peterson, Farmer’s Insurance
Homeowners’ insurance is just one of the many responsibilities of owning a home. Like death and taxes, it’s just a part of life – but it doesn’t have to be such a drag, especially if you know how to navigate the system.
Most likely, your mortgage company will require you to carry insurance but that doesn’t mean you have to purchase their recommendation or go with the highest coverage. There are other options when it comes to homeowners’ insurance, and the savviest shoppers know how to save a buck or two without sacrificing coverage. Straight from Forbes.com, here’s how you can easily lower your premium. For even more ways to save money on your homeowners’ insurance, feel free to contact me directly at 858-748-3134 or by email: email@example.com.
Keep a Safe Home
Insurers like to see that you’re maintaining a safe home because it reduces their risk, which in turn reduces your premium. Get a head start on keeping your home safe by installing smoke alarms throughout your home and installing a burglar alarm system with police access. You can save up to 5 percent when you implement these safety features.
Increase Your Deductible
An easy way to lower your monthly or yearly premium is to reassess your deductible and lower it if it makes sense for your household. A high deductible over $1,500 leaves smaller issues like broken windows, damaged drywall or leaky pipes up to the homeowner to fix out of pocket. On the other hand, these types of issues are relatively inexpensive to fix. If you own a newer home, it may be a good idea to lower your deductible since fewer problems are to be expected.
Consider combining all of your insurance needs – home, auto, boat and/or motorcycle – under one policy with one insurer. You can receive a substantial discount when you do so, plus it reduces the number of companies you have to deal with on a regular basis. When combined with other money-reducing strategies, you can significantly reduce your homeowners’ insurance policy with a bundled package.
If you plan to add additional square footage to your home, consider using insurer-friendly materials such as steel- and cement-framed structures as opposed to highly-flammable materials such as wood. Insurers like to see your home has the least possible risk when it comes to damage or destruction.
Eliminate Your Mortgage
Of course, this one’s tough to do for most people, but if you can comfortably pay off your mortgage – for instance, if you’re just a few years away from paying it off entirely – then consider doing it to save money on your homeowners’ insurance. Premiums drop in these cases because insurers believe that homeowners who own their home outright tend to take better care of it.
Keep track of changes and report them
Things like swimming pools, built-in spas and trampolines add risk to the home, driving up your premiums. But if you remove them, your insurance, by nature, goes down. In cases like these, always notify your insurance company to take advantage of a lower premium. Also, look for changes around your neighborhood. If your home is within 100 feet of a fire hydrant, you may receive an additional discount on your insurance premiums.
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on Jun 14 2013. Filed under Cathy Peterson, Columns, Sponsored Columns.
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