Everyone loves saving money and when it comes insurance, it should be no different than any other purchase. Of course, insurance companies don’t usually have coupons you can clip from your Sunday newspaper so you’ll have to do a little more research and digging to make sure you’re finding all the discounts. Below are a few tips on ways you can save on your home insurance without too much effort. In fact, you might already be eligible for some of these!
- Safety Devices
Alarms of any sort can protect your home from damage and also prevent theft. Therefore, if you have a smoke alarm, security system and/or fire sprinklers, you’ll definitely want to make sure that your insurance company is aware of them. Make sure you inquire about any associated discounts that come with having these devices in place. In some situations, insurance companies may ask but they don’t always translate into a discount, so definitely verify any possible discounts. If you don’t already have the device, you might want to inquire with your insurer as to how much of a discount is available and that may help you decide if it makes sense to install one.
Insurance companies have really moved boldly into the world of affinity marketing, offering special programs or discounts to people affiliated with certain groups. If you belong to a college alumni association or professional trade association, you may be entitled to a discount on your insurance policy. You should look for these in both places: check with your group to see if they have a relationship with any insurers and also check with your insurer to see if they offer affinity discounts. Simply by being affiliated, you might end up with a nice savings on your policy.
- Multi-Policy Discount
One of the most common discounts is given if you have more than one policy with the same insurance company. To benefit from this, you should find out if you add your personal umbrella and automobile liability policy to your home insurance company’s offerings, what resultant savings would be due. Another benefit to having these policies with the same company is that your umbrella policy will likely tie in better with your home insurance policy and auto policy as they are underwritten with that in mind.
- Make Updates and Repairs
If you have very old plumbing or electrical wiring, your insurance company might actually see your home as a bit of a hazard. Maybe you also have an old, wood roof that both leaks and is susceptible to fire. While you may not receive a discount for updating these items, you will likely pay less in premium once the upgrades have been completed. You might not realize it, but it’s possible that you are currently paying a higher premium for your home insurance due to your outdated and potentially risky home.
- Good Credit
In some states, insurers might use your credit in consideration of what to charge you for your home insurance. Therefore, it’s important that you maintain strong credit. While this may seem odd, you should look at it from the insurer’s point of view. Someone who does not maintain good credit may also seem like a risk when it comes to maintain their home. Additionally, those who are financially stressed may be more likely to make insurance claims for the money. Whether or not you agree with the practice, it is unfortunately out there so you need to stay ahead of the game.
While these are not the only ways to save money, they certainly are tools available to virtually everyone who buys insurance. You should definitely take advantage of whatever savings you can take advantage!