Homeowner’s insurance can be very expensive. While individuals in areas with a high risk of flood, theft and fire will pay the most for coverage, even homeowners in relatively low-risk areas could see premiums as high as $2,000 a year for the most basic of policies. Luckily, there are many ways you can lower the premium of this necessary insurance without sacrificing coverage.
- Multiple Policy Discounts: Most insurance companies will give a discount of 10% or more when you have multiple insurance contracts with them. Additional coverages to consider include auto, life or commercial insurance.
- Security Systems and Smoke Alarms: Any device that helps to reduce the likelihood of claims will help to lessen your premiums. Smoke alarms and security systems mean that an insurable incident may be stopped before it causes too much damage. Discounts as high as 5% are often seen for these measures.
- Make Regular Policy Reviews and Comparisons: Reviewing your policy ensures that your coverages and deductibles are reasonable and that you don’t qualify for any additional discounts. You should review your existing policy annually and make note of any changes that might have occurred that could lower your premiums. Notify your insurance agent of these changes and ask about any other discounts that are available.
And remember, when you think of insurance, think
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