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12 Things You Can do to Save on Your Homeowners Insurance

Posted: June 05, 2017 by Rod Smith

As a homeowner, you may be wondering how you can lower your insurance premiums. This article discusses the top 12 ways of achieving a lower cost of insurance premiums.

Homeowners Insurance in Myrtle Beach

1. Increase your deductible


Raising your deductibles can cause an immediate impact on increased savings on your premiums. Recently, most insurance firms advise having a deductible starting around $500. If they offer it, try doubling your deductible to about $1,000 or more, you are most likely to save more than 25%.


2. Take some time to shop around


Shop rates, you can even ask friends and family to help make some calls to insurance providers from the internet, or consumer guides.  For many of us, this may be an eye opener considering the broad range of prices and coverages. 


3. Purchase both auto policies and home together


Some firms selling homeowners, liability, and auto coverage, will take somewhere between 5-15% off your premiums when you buy two or more policies. But always remember to ensure this combined cost is lower when compared to buying the separate coverage from other firms.


4. Distinguish between paying for a house and the rebuilding costs


The land your house sits on is risk-free of fire, theft, windstorm and other disasters that under your homeowner’s insurance policy. Therefore, it’s important to deduct the land value from the overall insurance coverage, as there will be no rebuild costs on that portion. 


5. Find ways of making your home disaster resistant


Consult with a professional with how to make your home more resistant to natural disaster. You will be surprised at how large the savings can be on overall premiums by installing roof reinforcement, storm shutters, storm doors and other preventative measures.


6. Boost your home security


In most instances, you can get a discount for having a burglar alarm, dead-bolt locks or some other surveillance equipment. Some firms have been known to offer as much as 15-20% discounts depending on the sophistication of burglar and fire alarm and a sprinkler system that rings through to the fire, police or various monitoring stations.


7. Look out for other discounts


Different firms offer multiple discount types, but all companies are not the same and discount amounts vary on company policies and state regulations. One example in some state insurance is less expensive for a retired individual since retired people are home than working people they stand a lower chance of being burglarized and reporting emergencies and fires more quickly.


8. Identify one insurer and stick with them


If you have maintained your insurance with a particular provider for many years, you stand a greater chance of getting a special discount offer for your long-term loyalty. Some insurers may lower their premiums by about 5% so you remain loyal to them for between 3-5 years and by about 10% in case you continue being a policyholder for six years or more.


9. Keep a good credit record


Maintaining a good credit history will cut the costs of your insurance. Insurers are always making use of the credit history data to calculate the insurance policies of homeowners. In most states, your insurance firm is supposed to advise you of large credit swings that cause your insurance to increase. This way you can check and authenticate the accuracy of data related to the insurer.


10. Check your policy limits and values at least one time per year


You need your insurance policy to take care of any significant additions or purchases made to your home, but don’t want to spend more than you need to. Depreciation of equipment over the years should be adjusted for, and you may be able to lower your floater and keep the difference.


11. If you are in a government plan check for private insurance


If you are living in disaster prone areas and have consistently been buying government homeowners insurance policies, look around private insurance companies or representatives that will take on higher risk clients.


12. Take note of the cost of homeowner’s insurance when buying a home


When looking for homes for sale in Myrtle Beach, be aware you may incur fewer insurance costs depending on the area. For example, if you were to purchase a  home near a fire hydrant or in communities with professionals as opposed to volunteer fire departments. They may also provide a discount if the home’s plumbing, heating, and electrical, systems are not more than ten years. Your Realtor with Coldwell Banker Chicora Advantage will be happy to provide you with some local companies that you may want to call.


The verdict

Over time, the cost of goods increase. Just like any product or service the cost of Homeowner's Insurance will increase as well. Considering the above-discussed ways of keeping insurance premiums low and implementing them will go a long way in ensuring you put a smile when paying for your bills and servicing your insurance premiums and other expenses.

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