How to save money on Homeowner’s Insurance

Make your home disaster/peril resistant – add smoke detectors, etc., make sure your roof is updated, locks are installed

If you take the time, money, and effort to update your home to make sure it is as disaster resistant as possible, your insurance company can provide you with a further discount, as you’re helping to lower the risk of something bad happening, which helps you save on your monthly premium. For example, if you improve your plumbing system, you’re decreasing the risk of a flood or pipe bursting, which can help lower the risk and lower your premium. It is important that you talk to your insurance agent before making any major home renovation to see if it will affect your insurance rate.

Ask about discounts

It doesn’t hurt to ask! Ask your insurance providers what other discounts that you may qualify for. Some examples of discounts you can receive are below:

  • Gated community discount – your home being in a gated community makes you less susceptible to being robbed
  • Security / sensor discount – if you have a home security system installed, or a water sensor, this can help save you money on your policy. These devices are to help prevent theft and accidents from happening or escalating further, meaning it’s less an insurance company will have to pay if you need to process a claim.

You can even ask for a claim-free discount, meaning that you have never had to make a claim through home insurance before. Sometimes, your line of work or career can also provide you with a discount.

Raise your deductible

Let’s start with the definition of a deductible and what that means for you. Your deductible is how much money you pay out of pocket when you file a claim with your insurance company, and the insurance company will pay the rest of the claim. So, if you tell your insurance company that you will pay a higher deductible if you need to make a claim, your monthly premium should be lower. This is something to consider heavily though, because you will need to have the amount of your deductible available if you are making a claim. This site can help you maintain a personal budget to help evaluate what you can afford as your deductible. As a homeowner, it’s important to determine how much you think you can afford if something does go wrong.

Maintain a good credit record/score

Your credit score is an inevitable factor in the premium rate you’ll pay for homeowners insurance. Insurance companies will use your credit score to predict your potential losses, and the higher your score, the less likely it is that you’ll be filing a claim. If your score is lower than you would like, take steps to rebuilding your credit score. When you have a better credit score, it will help you save in the long run.

With WA, It’s All About You!

At the WA Group, we have a long heritage of helping people. We help you:

PLAN SMART. It all begins with a conversation. A conversation centered on you, your family and your business

LIVE BIG. To Live Big means knowing that you are covered. It means knowing that the things that matter most to you will be protected.

Contact us to see why your local Minnesota neighbors, businesses and community have trusted WA Group for over 125 years! Click the image below to start the conversation.

Leave a Reply

Your email address will not be published. Required fields are marked *