Homeowners insurance is a necessary expense but there are some ways you may be able to reduce your costs. Below is a helpful list of eight factors that could help you save money. You’ll have to consult with your insurance broker for specific details but these tips should give you some areas to consider:
- New Home: You may be eligible for a discount based on the age of your home.
- Companion Policy: Some insurers give discounts to customers who hold multiple policies with their company.
- Protective Device: A fire or burglar alarm or sprinkler system may make you eligible for certain discounts. Be sure to check with your insurance broker before installing an expensive multi-function system.
- Mature Homeowner: Usually available to retirees over the age of 55.
- Secured Community: Living in a fully-secured community may also make you eligible for a discount.
- Home Improvements: Improvements such as upgrading plumbing or roofing may result in a reduced homeowners insurance premium.
- Lifestyle: Specifically, because of the damage caused by cigarette ignited fires, insurance companies will reward non-smokers.
- Loyalty: If you’ve been with the same insurer several years in a row, you may be eligible for this discount.
Take another look at your homeowners insurance and see if any of these above items apply. It may be a great way for you to save some money!