Over two-thirds of American homes are underinsured. Many people think the best way to save is to reduce their coverage, but that would be detrimental if a covered incident should occur. Rather, try the following 5 tips for saving money on your homeowners insurance premiums without sacrificing proper coverage:
- Raise your deductible: Most standard policies start with a $500 deductible. However, if you can afford to raise your deductible to $1,000, you’ll save money each month on your premium—up to 25 percent off! You can pocket the extra cash now and save a little bit each month to fund the higher deductible in case of a claimable event.
- Bundle your policies: Homeowners typically have at least one car. If you bundle your home and auto insurance together with the same provider, you can save up to 15 percent on both premiums. Multi-line policy discounts are simple ways to start saving money right away, and can include any number of possible policy combinations.
- Ask for discounts: Your agent can help you determine if you’re eligible for certain discounts. Some of these may include senior discounts (for ages 55 and up), loyalty discounts (after sticking with the same insurance provider for several years), home security discounts (for homes with smoke alarms, anti-theft security systems, fire sprinkler systems and/or dead bolts installed) and home improvement discounts (newer electrical, heating and plumbing systems run more efficiently than older systems, and therefore pose less risk). The less risky your home, the more likely your insurance provider will be to reward your caution with a discount.
- Maintain good credit: More and more, insurance providers are using credit scores to price homeowners insurance policies. Pay your bills on time and keep your credit balances as low as possible to maintain good credit. You can request a free credit report each year to ensure that any potential errors are corrected right away.
- Review your policy: Each year, review your policy and ensure proper coverage for any new home additions/renovations and major purchases. Also, check for coverages you no longer need. If a $2,000 TV has deprecated in value, you may want to reduce the amount of coverage you pay for. Your agent can help you navigate this process if you have any questions or concerns along the way.
Finding inexpensive homeowners insurance with all the coverages you need may be easier than you think. Call Salzberg Insurance Agency at (757) 583-1828 for more information on Norfolk home insurance.