3 Things You Can Do To Lower Your Homeowners Insurance Bill

3 Things You Can Do To Lower Your Homeowners Insurance Bill

(Daily360.com) – The average American family spends between $781 and $3,383 on homeowner’s insurance each year. The exact cost of coverage varies in different locations and often depends on state laws and how much the home is worth. However these variables affect someone’s rate, these three savvy strategies can still help you save on your premiums.

Improve Home Security

Adding security items such as a carbon monoxide detector, alarm systems, smart smoke detectors, water leak sensors, and security cameras can reduce the price of someone’s coverage by as much as 2%-15%. The exact amount you’ll save depends on the company, where the house is, and which devices you add. Even installing a deadbolt or an automatic sprinkler system can bring costs down as insurance companies see these moves as creating a safer, lower-risk environment.

Bundle Your Insurance

According to the Insurance Information Institute, a person can save up to 15% on a homeowner’s premium by bundling their policy with automotive insurance. Many brokers offer discounts to people who take out more than one plan at a time. Homeowners can sometimes also combine policies with other types of coverage, such as life or RV. The rules will vary by company.

Ditch High Risks

Having a pool, trampoline, or playground on the property may be fun. Unfortunately, brokers consider them attractive nuisances as they pose unique liability risks. Premiums may go up as a result. Consider getting rid of them. Or find ways to resolve safety concerns, such as building a tall fence around any water features.

Last but not least, communicate your needs on a regular basis. Don’t hesitate to call your broker or provider and ask for discounts or a new assessment. They may not be proactive about reaching out to you to save you money. A simple phone call might be all you need to further reduce premium costs and save even more.

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