Home insurance policies are designed to protect you and your family from financial distress in the event that your home becomes damaged. While there are a wide range of different types of home insurance policies available on the market, and they each cover different types of damages and provide different types of financial remuneration, all home insurance plans will come with monthly premiums that you have to pay. Broadly speaking, there are a few common things that you can do across policies and providers in order to lower those premiums and still enjoy the same level of financial protection.
Increase the Deductible
The first and simplest thing that you can do to bring your home insurance premiums down is to get in touch with your provider and ask for a higher deductible. Your deductible refers to the minimum amount of damage that you have to incur before your policy kicks in. In practice, a deductible of $1,000 means that your home has to suffer from damages in excess of $1,000 before your policy pays, and you'll have to cover that initial $1,000. Weigh the premium reduction against the potential out-of-pocket costs associated with a higher deductible before you make any changes to your plan.
Home Security and Strength Improvements
You can also install a number of appliances and undergo specific renovations that can help protect your home from damage in order to reduce your premiums. For example, if your policy protects you against losses associated with theft, installing home security systems and updating the locks can bring your premiums down. Further, if you live in a coastal area that suffers from heavy storms, installing storm windows and doors, and adding extra reinforcements to the roof and walls of your home, can also bring your monthly premium payments down significantly. Specific types of home insurance, like flood and water damage protection, can benefit from installing sump pumps and basement waterproofing methods, and from plumbing upgrades that make an accidental leak less likely.
Finally, one other thing that you can do to make your premiums more manageable is to talk to your insurance provider about bundling your insurance. This means moving your car, health and any other insurance that you may hold over to your home insurance provider. Most insurance companies offer discounts to people and families that hold multiple policies with them, so be sure to ask your agent about possible deals.
Talk to a company like Angel Auto Insurance to learn more.Share