Many people think the best way to save on homeowners insurance is to reduce their coverage, but that could put you in a very bad spot if a covered event occurs. Over two-thirds of American homes are underinsured because of this. Instead of sacrificing valuable coverage, try the following 3 tips for saving on your current coverage:
Ask for discounts
You may be eligible for a discount, but you’ll never know until you ask your agent. Available discounts may include, but are not limited to:
• Loss Free
• Home security discounts: for homes containing security features such as central 24/7 monitoring alarms for fire, burglary, low temperature, smoke alarms, fire extinguishers, dead bolts, non-smokers, built-in generators, etc.
• Loyalty discounts: For years insured with prior insurance provider
• Home improvement discounts: for renovated homes with new features such as new roof, heating systems, updates to electrical wiring and plumbing systems.
• Payment type: EFT from checking or savings, Recurring credit card or Pay in Full.
• Senior discounts: for ages 55 and up
Remember, the less risk your homes poses, the less expensive your coverage will be.
Raise your deductible
A higher deductible often equates to lower monthly premiums. Most standard homeowner policies have a $1,000 deductible. However, it’s recommended that you raise your deductible to the highest amount you could afford at any given time. That way, you’ll save money each month on your premium—up to 10 percent off! With this discount, you can save more on your insurance budget, which can fund your deductible if a covered event occurs. Not to mention, you shouldn’t want to use your insurance for small losses as claims will affect your renewal cost & eligibility. Look at insurance differently and plan your protection for larger losses.
Bundle your policies
Bundling your policies together with a single insurer can save you up to 10 percent on premiums across the board. The most common bundle is Home and Auto, but you can also include Personal Umbrella, Valuable items such as jewelry & fine arts, Boats, Rental property, etc. A multi-line policy is an easy, effortless way to save money right away and by bundling the billing and converting to EFT, you can save on each policy’s costly monthly installment fees.
Review your policy today and ask us about savings opportunities on your premium today. Call Ten Eyck Group Insurance at (518) 464-0059 for more information on home insurance.