4 Ways To Reduce Homeowner's Insurance Payments

Insurance Blog

Homeowner's insurance is an essential part of owning your own home, and your policy acts to protect your property in the event of damage caused by a whole host of environmental factors. However, the monthly payments that you are saddled with may be a little too tough on your budget. Fortunately, there are a few different things that you can do to cut down on your homeowner's insurance payments.

Add Reinforcements

One of the best ways to reduce your homeowner's insurance payments each month, especially if you live in an area that is prone to natural disasters, is to add certain reinforcements to your property. This can include more structural supports for your roof, storm shutters and doors, or more durable siding and roofing materials. In a similar vein, you'll want to make sure that your plumbing and electrical systems are updated so that the risk of fires and water damage are kept to a minimum. While these additions will cost money upfront, they will slowly pay for themselves over time through lower monthly insurance payments.

Security

Beyond structural supports for your home, you may also want to invest in security systems to improve the overall security of your home. This goes a little bit further than burglar alarms: things like carbon monoxide and fire detectors (or even a sprinkler system!) can help make your home a safer structure and reduce your monthly homeowner's insurance payments.

Look for Discounts

Many insurance companies will offer a slight discount if you purchase multiple types of insurance with them, so it's a good idea to compare quotes between multiple companies to see if there is a cheaper option available, or if it's a good idea to move all your policies to a single provider. However, keep in mind that the opposite can also prove to be true: don't be afraid to split your policies up. Even though it might mean a little more paperwork, it can well be worth the savings over time.

Review Your Policy

It's a good idea to double check your policy at least once a year to make sure that any changes to your home, like additions, are covered under your policy, and to see if you are paying for certain coverage that you no longer need (for example, if you've sold assets within your home, you may want to reduce your coverage for your possessions to reflect that difference and reduce your monthly payments). Contact an agency, like Reinhardt's Insurance Agency, for more help.

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