You don’t have to give up coverage to save money on your home insurance. If you know how to get discounts and follow the right steps, you can lower your insurance costs and still get the coverage your home needs. As we head into 2024, here are some great ways to save money on home insurance, including discounts and helpful tips to keep rates lower.
1. Create Your Policy
You can save a lot of money when you buy home insurance, but you can also save money on other types of insurance, such as auto or life insurance. Many of them give you significant discounts if you buy multiple policies from the same company. Not only does this make it easier for you to buy insurance, it can also save you a lot of money. Check your rates and ask your insurer about bundling to see how much you can save.
2. Implement a Safety and Security System
You can save a lot on your home insurance if you install security systems, such as smoke detectors, burglar alarms, and security cameras. Having these security features in your home can help lower your insurance costs because they reduce the chance of items being lost or damaged. Make sure you have a professional monitor your security system. Many insurance companies require this information in order to give you a discount. If you have these systems in place, your insurance company may give you a discount of 5% to 15%.
3. Improve Your Home’s Security
Adding more security features to your home can also help you save on insurance costs. Installing a roof that won’t catch fire, windows that don’t break easily, or modern electrical and plumbing systems can reduce your risk and may even earn you a discount. These improvements make it less likely that fires, storms, and other hazards will damage your home, which means insurance companies will charge you less.
4. Keep Your Records to Avoid Claims
Homeowners who never file a claim with their insurance company tend to receive lower premiums. You can build a claims-free history, which can help you get discounts by avoiding minor claims and paying for minor repairs yourself. Many insurance companies will give you a discount if you don’t file a claim for a number of years. This means that keeping your claims history organized can be a great way to save money.
5. Opt for Bigger Tax Benefits
Another great way to lower your home insurance rates is to choose a higher deductible. This is the amount of money you have to pay out of pocket before your insurance starts paying. By choosing a higher deductible, you’re willing to take on more risk in exchange for a lower monthly or annual premium. Make sure that a higher deductible doesn’t cost you too much if you need to file a claim.
6. Review Your Coverage Regularly
Regularly reviewing and updating your coverage can help prevent you from paying for protection you don’t need. Your insurance needs will change as your home evolves. You may be able to change your coverage to reflect changes, such as when you complete a remodel or get rid of some expensive items. By contacting your insurance agent once a year and reviewing your policy, you may be able to eliminate unnecessary coverage and potentially lower your premiums.
7. Take advantage of new home deals
New home deals may be available to those who have just purchased or built a new home. Insurance companies often offer lower rates for newer homes because they are more likely to have modern safety features and follow modern building codes. This discount is especially helpful if your home is brand new or has just undergone major improvements.
8. Non-smoker discounts
If no one in your household smokes, you may be able to get a discount. Smoking is a common cause of fires, and many insurance companies offer discounts for smoke-free homes. If you and your family don’t smoke, this discount could save you a lot of money.
9. Use discounts to maintain loyalty
If you have been with the same insurance company for a few years, they may give you a discount because of your loyalty. Long-time customers often get lower rates as a thank you for their business. If you have been using the same insurance company for a long time, see if they offer discounts to loyal customers. Also, make sure you are getting the most out of your long-term relationship.
10. Explore membership and affiliate discounts
Certain professional organizations, alumni associations, and other groups offer discounts on home insurance to their members. If you fall into one of these groups, contact your insurer to see if you qualify for a discount. Membership or affiliate discounts can sometimes provide additional savings that may not be immediately apparent.
11. Pay your premium in full
Paying your insurance premium in full instead of in monthly installments can sometimes result in discounts. Some insurance companies offer lower rates to customers who choose to pay their annual premiums up front. If you can afford to pay your premium all at once, this option can save you money on your insurance.
12. Improve your home’s energy efficiency
Making your home more energy efficient can also save you money on your insurance premiums. Insurance companies often offer discounts for homes with energy-saving upgrades, such as better insulation, energy-efficient windows, and efficient heating and cooling systems. These upgrades can not only lower your energy bills, but also reduce the risk of issues like frozen pipes or excessive wear and tear on your HVAC system.
Conclusion
By taking advantage of these discounts and implementing best practices, you can save money on your home insurance without affecting your coverage. From bundling policies and installing security systems to maintaining a claims-free record and making home upgrades, there are several strategies to lower your premiums. By regularly assessing your insurance needs and exploring available discounts, you can find the best deals and ensure you get the best value from your home insurance in 2024.
