The power of homeowners insurance is no secret. Most people today know they need to protect their most significant investment and the belongings inside it.
But that doesn’t mean it’s always easy to find an affordable policy that suits your needs. After all, the average homeowner’s insurance premium rose by 3.1% in 2018. And yet, its skyrocketing cost doesn’t negate the truth: homeowners insurance is absolutely necessary.
Don’t worry, there are some steps you can take to ensure you get the best coverage for your dollar. We compiled five easy tips to help you find the insurance savings you deserve.
Change your deductible
We know raising your deductible can be painful. No one wants to increase their out-of-pocket cost for filing a claim, but hear us out—it can save you lot in the long run.
For example, raising your $500 deductible to $1000 could help you instantly save as much as 20%. Contact your insurance provider to see if they offer higher deductibles. Also, inquire about your auto insurance deductible, as switching to a $1000 deductible could save you up to 31% compared to a $500 deductible.
Remain Mindful of Discounts
You may be eligible for homeowners insurance discounts based on home improvements you’ve made over the years. Certain safety features you’ve added to your home can also help you save. For example, sprinkler systems, fire extinguishers, dead-bolt locks, and smoke alarms are all worth inquiring about. The same is true if you installed storm shutters or impact-resistant roofing. Even replacing windows, updating plumbing, and replacing electrical wiring can translate to savings.
A quick inspection could result in significant savings. If you have recently invested in home improvements, call your insurer to update your policy. If current provider doesn’t provide these discounts, consider finding one that does with this next step.
Shop Around for the Best Homeowners Insurance
Just because you’ve been with the same company for a decade doesn’t mean you need to stay with them — especially if you’re not entirely happy with your premium or the caliber of customer service.
Insurance premiums will vary from company to company, so taking this step could instantly help you save money. There are many variables to consider when taking out a homeowners insurance policy, so stick with the company that offers the best deal for your situation.
Bundle Your Auto and Home Insurance
Insurance companies usually reward you for choosing multiple types of coverage. If you switch your homeowners insurance, be sure to switch your auto insurance as well. You may receive a small discount for combining these policies. These discounts range between 5% and 15%, on average.
Maintain Good Credit
Good credit affects savings in nearly every other aspect of your life (home-buying, car loans, you name it), so it’s no surprise that it can make or break your insurance policies, too.
Having good credit may translate to discounts on your homeowner’s insurance. Create a strategy to pay off debt and manage your personal finances so you can be seen as a low-risk client and qualify for the best plans.
Start Saving on Your Utah Homeowners Insurance
While homeowners insurance is not considered compulsory insurance by law in Utah, if you mortgage your home, your bank or lender will likely require that you hold an active policy.
At Bethany Insurance Agency, we help our clients protect their home and everything in it.
We offer a wide range of specialized Utah homeowners insurance policies, allowing you to protect your property, condo, home, in-home business, mobile home, and more.
Our coverage options are both flexible and affordable, providing you with policies that best suit your needs. We work with our clients to offer greater peace-of-mind — and that is priceless.
If you’re shopping around, we’ll gladly provide you with a quote. Use our request form to get started!
