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How to Save Money on Your House Insurance Premiums

How to Save Money on Your House Insurance Premiums
If you're wondering why you may have noticed an increase in your house insurance premium, check out this article.  

When determining your house insurance premium, it's important to first understand:

  • Each insurance company has its own specific guidelines to determine your premium.
  • If you are quoted for a lower priced premium, be certain that you are fully covered, as insufficient coverage could result in personal financial disaster. 
  • Shop around. Utilizing an insurance broker rather than one insurance company allows you to choose the best coverage and premium available.
Ways to possibly save money 

If any of the following factors apply to you, it's a good idea to mention it to your insurance broker as it may help lower your house insurance premium.

  • Higher deductible - opting to have a higher deductible can result in a lowered premium.
  • Updates done to an older home - such as plumbing, new eaves, back up sump pump, repaired stairs or sidewalks, updated wiring, roof, windows and heating system.
  • Added security - alarm systems and security lighting.
  • How long have you been in the home - statistics show that customers who have lived in the same residence for longer periods of time make fewer claims and this can contribute to a lower premium.
  • Your age - generally insurance premiums decrease with the age of the insured.
  • Your mortgage - if you live in your home mortgage - free, you might be eligible to a discount. The reason behind this is, it's believed you’ll have more money to maintain your home, resulting in fewer claims.
  • Loyalty - if you are with one insurance company for a long time, it can be reflected in a decrease in the premium.
  • Multiple policies - having one insurance company insure your multiple policies (car, motorcycle, boat, etc.) usually results in a discounted premium.
  • Claim free - if you've had no claims in your insurance history, this may be a factor in decreasing the premium.
It's always best to review your insurance policy, your insurance needs and your premium every year to ensure you have the best coverage at the best price. Please feel free to contact us if you have any questions or concerns about your coverage, or for a quote. 519-736-8228