5 Ways to Save on Your Home Insurance

Home insurance can be a major expense for homeowners, but many consumers are not taking advantage of a wide range of discounts and credits offered by insurance companies. Below are some ways you could save significantly on your coverage, many of which require minimal effort on your part.

Home insurance can be a major expense for homeowners, but many consumers are not taking advantage of a wide range of discounts and credits offered by insurance companies. Below are some ways you could save significantly on your coverage, many of which require minimal effort on your part.

Look into multi-policy discounts

Many insurance companies will offer considerable discounts for customers that hold multiple policies. If you have different insurers for your automobile and homeowners insurance, you could get a 5 to 15 percent discount by consolidating your policies under the same insurer.

Re-evaluate your deductible

Your deductible is the amount you pay out-of-pocket for a loss before the insurance company makes a payment on your claim. The higher deductible you have, the lower your premiums. This is because you are less likely to file a claim for something small and also because you are covering a larger portion of the claim when you do have to file. If you can afford it, raising your deductible may drastically reduce what you spend on your policy.

Renovate and save

Before doing any major overhauls on your home, check with your insurer to see if any renovations will reduce your premiums. Things like leaky pipes, old wiring, and a shoddy roof all raise the likelihood that you will eventually need to file a damage claim. Insurance companies will often credit policyholders for certain home improvements that prevent these claims.

Kick the habit

Smoking is an expensive habit that presents a multitude of health concerns. According to FEMA, it is the number one cause of home fire deaths in the United States making you a greater liability to your insurance company. Talk to your insurer to find out if you could be eligible for a discount by becoming a smoke-free household.

Install protective devices

Insurance companies reward policyholders for having protective devices in their homes because they can save lives and limit damage in an emergency situation. Installing smoke detectors generally earns you a discount of at least 5 percent. Additional equipment like home security systems, deadbolt locks, and emergency sprinkler systems can save you 15 to 20 percent. Check out our www.slomins.com for information on our free home security system. We also offer a wide variety of loss prevention solutions that can protect your home fire and water damage.