House insurance is one of the many costs associated with being a homeowner. The coverage of your home is important. As such, you should take care and consideration when choosing a policy. However, that doesn’t mean you shouldn’t try to save money in the ways that are available to you.
We’re going to share four ways that you can start saving on your homeowner insurance. From improving your home to improving your credit, we cover all the cost-saving bases.
Four Ways to Save on Homeowner Insurance
As a homeowner, your needs and wants change with time, just like your home does. The coverage on your home should be evaluated annually to ensure that you still have coverage that applies to any new situation you may have going on.
Discounts are great but they aren’t the only way to save money. Think smarter about your insurance and your premiums will thank you for it. Here are four ways that you can start saving on your homeowner insurance.
1. Homeowner Coverage
One example of a “new situation,” as we mentioned above, would be if you put a pool in your backyard, or if you remove/fill in the existing pool in your backyard. Coverage should be evaluated and can be modified to your needs.
A standard Texas homeowner policy comes with some other structures coverage, about 10% of your dwelling limit depending on the homeowner’s product selected. Other structures are structures on your property that aren’t attached to your home. Examples are your fence, a shed, and a detached garage.
Let’s say your house is insured for $100,000. If you choose the standard limit of 10%, then you’d have a limit of $10,000 for other structures coverage. Let’s also say that you don’t have any other structures on your property. You can lower the standard limit from 10% to 2% and save some money on premiums by doing so.
Similarly, if you have a pool, a big shop, and a high-end fence, then $10,000 may not be enough for you in the event of a total loss. In that instance, you can increase the other structures to limit the amount you need.
Sure, you can purchase a standard homeowner policy and likely be okay. However, you can change the limits of coverage to better fit your needs and possibly save money at the same time. Contact our office to get assistance with evaluating the coverage that you need.
Cleaning up your credit can have a major impact on your homeowner insurance premiums. Based on looking at your credit history, insurance companies can determine the likelihood of you being on time with payments, the chances of you letting the policy cancel altogether, and so much more.
Insurance companies place you, as the risk, in a tier of either preferred business or non-preferred business. Your credit has a factor in that decision and your premium is heavily impacted by it.
3. Home Improvement and Upgrades
Brand new homes receive the best and most affordable insurance premiums. However, not everyone has a new home and there are so many other ways that you can improve an older home to help the insurance premium.
8 Ways to Improve Your Home
- Replace and/or repair old roofs on your home and outbuildings
- Replace/fix any broken windows
- Fix any broken or missing siding
- Repair/replace old electric work, plumbing, AC, and heat units
- Clean up any trash/debris/inoperable vehicles from your property
- Replace damaged eaves and fascia
- Make your home more disaster-resistant (ex: putting up storm shutters, or buying more resistive roof materials)
- Make your home safer (ex: get a security system, install file alarms, purchase security cameras)
Each insurance company has different discounts available for home improvements and upgrades. Ask your agent what steps you can take to upgrade your home in order to get a better insurance premium if any.
Once you have the coverage, credit, and home improvements in order, homeowner insurance discounts are the icing on top of savings. There are numerous discounts provided by each insurance company.
The majority of companies have some standard discounts that you can likely find with each. Discounts for having prior insurance, being a new homeowner, paperless, getting a quote in advance, paying in full, and new home construction, are common.
The easiest and most effective way to get affordable homeowner insurance is to bundle it with your auto insurance. Not only will you get discounts on both of your policies, but with some insurance companies, you can receive even more perks like Progressive’s Single Dedcubtle Advantage.
When shopping homeowner insurance, it’s best to shop around with several different companies. Do your research, find out what discounts they offer, and have an independent agent help you determine applicable ways to help you save while maintaining quality coverage.
If you’re looking for a Texas independent insurance agency to handle all of your insurance needs under one roof then you can contact our office. We offer tailored insurance solutions for business and personal insurance. Ready to get a bundle quote now? Get a quote through our secure quote link today.