Three Ways to Save on Homeowners Insurance
In these turbulent economic times, many people need to know how to save on homeowners insurance, as it’s one of the most necessary expenses they can have. After all, knowing how to save on homeowners insurance will not only save large sums of money down the line, but it will also save homeowners a lot of grief!
1. New Wires in Your Home.
Old wires can lead to house fires. The U.S. Fire Administration reports that home electrical problems result in 67,800 home fires, 485 deaths, and a whopping $868 million in property losses just in a typical year. Home wiring as estimated by the USFA, causes twice more fires than electrical appliances. If your home is old, then installing new wiring can qualify you for more credit, because it eliminates some of the risk of your home.
2. No Claims Are Good Claims.
Many people looking to know how to save on homeowners insurance can borrow cost cutting tips from other insurances. Like the good-driver discount that auto insurance companies offer, so too do home insurers offer a claims-free credit. After all, an absence of claims keeps money in the company’s account, which means that they’re more likely to pass on some of those savings to you by whittling a bit off your premium. Plus, even if you’re not totally claim free, you can still qualify for a long-term customer discount upon renewal after a certain number of years.
3. Fewer Risks Equals Lower Premium.
In a similar vein to the aforementioned rewiring tip, improving and updating your home can be one way of how to save on homeowners insurance. After all, less water damage is less mold remediation needed, new electric panels means less fires, and new roofs means less leaks. If you plan on doing a renovation to your home, it’s a wise idea to give your insurance agent a ring and ask if there’s any ways to work the project so as to maximize how to save on homeowners insurance costs.
Now that you know how to save on homeowners insurance, perhaps you can get more affordable home insurance. Of course, another quick way to save would be to compare home insurance quotes and switch to a cheaper company, but then you could lose out on any built up savings. Following these tips is a much better way to save. If you have any other questions, or would like to know more on how to save on homeowners insurance, feel free to ask in the comments. If you have any home insurance advice of your own that you’d like to leave, please feel free to do so as well. More like this article.