Insurance is an absolute must for homeowners, whether you have a mortgage or not. Coverage can protect you and your family from loss associated with property damage. There are multiple ways homeowners can reduce insurance costs. The following are steps you can take to get lower premiums.
Make Home Safer
Not all homes have home security systems. You can lower your insurance costs by installing a home alarm. Having dead bolt locks on doors leading into your home is another security measure. Verify you have enough smoke and carbon monoxide detectors for the size of your home. Check them regularly to make sure they are operating properly. If you have a multi-level home, a fire extinguisher on each floor is a good idea. Incorporating some or all of these into your safety plan may qualify you for a home security discount which will save you money.
Perform Ongoing Maintenance
You should schedule regular maintenance on your home even if you perform the tasks yourself. It is important you maintain your home's good condition. Let your insurance company know if you replace your roof or install a new electrical system. Each of these updates can lead to insurance discounts. But do not expect the discount to be enough to cover your upgrade costs.
Review Current Coverage
If you have lived in your home for awhile, you may be paying for coverage you no longer need. Take the time to review your policy to see if you have the appropriate coverage for your current structure. This is particularly essential in an economy that has seen property values drop. You can calculate an estimate of the amount of home insurance you should have on your home at any given time. Find out what the current cost per square foot for new construction is and multiply that by the amount of square footage in your home. Consolidate Policies
Ask your insurance agent about discounts for multiple policies if you have car insurance through them as well. You can save over 25% if you consolidate your policies with one provider. Contact other providers including online home insurance companies to see what kind of deals you can get from them before settling with your current provider.