4 Surprising Ways to Lower Your Home Insurance Bill — Stop Overpaying Now
Your home insurance policy should strike the right balance of value, protection, and affordability. Yet, many of us pay too much because we’re missing out on hidden discounts.
These discounts usually aren’t advertised, and many providers only offer them if you bring them up. Knowing how to qualify for these discounts can potentially save you hundreds of dollars per year.
Stop paying too much. Instead, start with these four strategies to save on your home insurance:
1. Beef Up Your Home’s Security
Many factors can affect your home insurance rate — location, credit history, and your home’s age. But there’s another factor you might be overlooking: the security of your home.
If your home is protected by a security system, it’s less likely to be vandalized or broken into. This makes you less of a risk to insurers because you’re less likely to file a claim.
Insurance companies may offer discounts of up to 20% to customers who install security devices or subscribe to home monitoring services.
2. Ask About Hidden Discounts
Many insurance companies have a host of special discounts. But here’s the catch: You usually have to ask for them. Just like security systems, these discounts are all about reduced risk.
You may qualify for discounts if you:
- Don’t have any smokers in your home
- Choose paperless billing
- Sign up for automatic monthly payments
- Pay for a full year upfront
- Purchased your home recently
- Have a newly built home
- Have a good credit score
- Haven’t filed a claim in some time
- Work in certain professions: many insurers offer discounts to first responders, teachers, medical professionals, and active-duty or reservist members of the Armed Forces
Some home renovations and upgrades can also qualify you for hidden discounts, including:
- A new or upgraded roof
- Storm shutters
- Fire-resistant exterior construction like brick, masonry, or concrete
Of course, there could be even more discounts, but you’ll never know if you don’t ask.
3. Bundle Your Coverage
We bet you pay for other types of insurance, too. There’s car insurance and life insurance, to name a couple. One surefire way to save: Bundle those policies.
Bundling is one of the most effective ways to reduce your insurance costs. While the exact discount varies, you could save anywhere from 5% to 25% on your premiums by bundling with the same provider. This turbocharges your savings since it applies to every policy you bundle.
If you’ve got to have multiple types of insurance, you might as well see if you can save by bundling.
4. See If You Can Beat Your Current Provider
Unfortunately, “rate creep” is a fairly common insurance industry practice. Companies quietly increase your rate at renewal time because they don’t think you’ll shop around for a better price.
The best way to fight back against rate creep is to see if you can beat your current provider. Given the competitive nature of the home insurance market, you don’t have to settle. It takes as little as two minutes to see if you can get a better deal. Kickstart your savings and get your rate today!