As we start into a new year, we hope you’re staying warm and having some fun playing out in the snow.
This is a great time to talk about how to save on your home insurance. It’s also a perfect opportunity to review all your insurance coverages and potential needs with your insurance agent. Here are some practical tips to help you save on your home insurance coverage:
Shop Around for Rates
- Compare quotes from multiple insurance providers.
- Use online comparison tools or work with an independent insurance agent.
- Review not just the price but also the coverage and the company’s reputation for claims handling.
Bundle Your Policies
- Many insurers offer discounts if you bundle home insurance with other policies, such as auto insurance.
Increase Your Deductible
- Opt for a higher deductible to lower your premium.
- Make sure you have enough savings to cover the deductible if you need to file a claim.
Improve Home Security
- Install security systems, smoke detectors, and burglar alarms.
- Some insurers offer discounts for these safety measures.
Make Your Home Disaster-Resistant
- Reinforce your roof, install storm shutters, or use fire-resistant materials.
- Check with your insurer to see which improvements qualify for discounts.
Maintain a Good Credit Score
- Many insurers use credit scores to determine premiums.
- Pay bills on time and reduce outstanding debt to improve your credit rating.
Ask About Discounts
- Inquire about specific discounts, such as those for senior citizens, military personnel, or loyal customers.
- Some insurers offer discounts for going claims-free for a certain period.
Review Your Coverage Annually
- Update your policy to reflect changes in your home’s value or belongings.
- Avoid over-insuring; don’t pay for coverage you don’t need.
Avoid Small Claims
- Filing small claims can increase your premiums.
- Consider covering minor repairs out of pocket.
Pay Annually Instead of Monthly
- Many insurers charge additional fees for monthly payments.
- Paying your premium in full annually can save money.
Stay Loyal (But Not Always)
- Some insurers offer loyalty discounts to long-term customers.
- However, periodically compare rates to ensure your current insurer is still competitive.
Join a Group or Association
- Some alumni associations, professional groups, or employers offer discounted insurance rates.
Reduce Coverage for Non-Essential Items
- Review and adjust your policy to exclude coverage for items you no longer need to insure, such as outdated electronics.
Avoid Coverage Gaps
- A lapse in coverage can lead to higher premiums when reinstating a policy.
By following these tips and maintaining an open dialogue with your insurance provider, you can maximize savings while ensuring your home is adequately protected.
Our agents at FMT Insurance are always available to discuss all your needs. Stay safe, and let us know if we can help in any way!