By Connie Groh
Packaging your home and auto insurance is a common way to save on your insurance premiums.
Looking for ways to save on your homeowner insurance premiums? Here are a few easy strategies that may lower your homeowner’s insurance premiums without reducing the amount of coverage.
- Increase your deductible
A deductible is the portion of any covered loss that you pay before your policy provides payment. You can usually lower the cost of your insurance when you increase your deductible. You start saving right away and pay the deductible amount only if you have a covered loss. For many insureds, the premium savings over time more than makes up for the occasional, out-of-pocket expense of a deductible.
- Insure both your home and auto with the same insurance company
If you package your home and auto coverage, you often receive additional savings on your home, condominium or tenants policies and on your auto insurance premiums. For even more savings, you can package your insurance for your boat, motorhome, jewelry, rental properties and more with your homeowner coverages.
- Improve your home security
You may be eligible to save if you have the following protective devices:
- Smoke detector
- Fire and burglar alarm that rings at the police, fire or other monitoring stations
- Sprinkler system alarm
- Secured community
- Temperature monitoring system
- Backup generator
- Automatic water shut-off system
- Age 50 or Retired?
Retired people on average stay at home more and spot a loss situation like fire or water leak sooner than working people. They also have more time for maintaining their property. If you are at least 50 years old or retired, you may be eligible for a discount. For information more on the discounts offered in your state, a quote or policy service, please contact your local independent insurance agent.
Coverages described here are in the most general terms and are subject to actual policy conditions and exclusions. For actual coverage wording, conditions and exclusions, refer to the policy or contact your independent agent.
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