As the years pass, the average price of many items can increase due to inflation. Your homeowner’s insurance is no different. In addition to the regular increase due to inflation, the cost to repair or replace your home also increases. Insurance companies must account for these rising costs, which in turn can raise your premium.
By making some adjustments to your policy as well as some long-term investments, you can keep your insurance costs under control. Here are several ways to help lower your homeowner’s insurance:
- Increase your Deductible. Increasing your deductible can have an immediate impact on your homeowner’s insurance. A higher deductible will result in a lower premium because you will be responsible for paying more out of pocket when a claim is filed.
- Reduce the Risk of Flooding. Flood damage is the number one insurance claim in the United States. If you’re in a high-risk flood zone, there are steps you can take to reduce your insurance premium. Contact Merriam Insurance for more information.
- Look for Discounts. When shopping around, ask an agent about discounts. Just like auto insurance, there may be several discounts available for your homeowner’s insurance.
- Eliminate Unnecessary Coverage. Evaluate your policy and eliminate any coverage you no longer need.
- Bundle your Policies. Bundling your insurance policies can save you some money. Check with your agent about moving all your other policies to the same company as your homeowner’s insurance.
- Decide Carefully about Making Claims. Claims can drive up your premium because your insurance company may see you as a high-risk customer. Contact a Merriam Insurance agent for guidance regarding the benefits or drawbacks of filing a claim.
- Improve Home Security. Adding hard-wired smoke detectors, security systems, and deadbolts to your home may save you some money.
- Carefully Choose your Dog Breed. Some dog breeds have a reputation for being aggressive. Some insurance companies have a list of dog breeds that will increase your homeowner’s insurance premium.
- Eliminate Safety Hazards. Trampolines, tree houses, pools, and other recreational items can increase your homeowner’s insurance premiums.
- Improve your Credit Score. Some insurance companies rely on credit scores as a predictor of the likelihood of having a home insurance claim. While certainly not a perfect model, typically an improved credit score has a positive effect on your rating.
- Understand the Terms and Conditions of your Policy. Your policy cost is not only impacted by what’s covered, but also by what’s not included. For example, an insurance policy may be less expensive because it doesn’t cover anything having to do with pets. While this isn’t good for pet owners, it could be fine for homeowners without pets.
- Pay your Bill in Full. Most insurance companies charge you fees for making monthly insurance payments.
Though insurance costs may be on the rise, there are ways you can lower the premium you pay. Knowing your options is the first step to saving on your homeowner’s insurance. Merriam Insurance recommends you contact us today to review your coverage.
If you do not presently have home insurance with Merriam, we encourage you to contact us today to begin a quote. You will get to work with an agent who will personally make sure all these factors are considered when recommending coverage that is right for you and your home.
Rich is most passionate about helping people understand the important benefits of working with an independent broker such as the Merriam Insurance Agency. It is his mission to ensure clients know where they can gain access to everything they would need, should the unthinkable happen.
When he's not working, Rich enjoy's spending time with his two teenage children and their golden retriever Alfred.
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