If you’re like most people, the biggest investment of your life will probably be your house. Your house is more than just a house – it’s your home. It’s your life. No one likes to think that something terrible might happen to their home. But if the unthinkable does happen, it’s comforting to know that your home insurance will help you recover.
Purchasing home insurance is an obvious necessity. If you have a mortgage, your bank requires it. If you don’t have a mortgage, you’ll almost certainly keep insuring your house – the potential costs of not insuring are simply astronomical, should there be a fire or a theft. The cost of monthly home insurance premiums will surely continue to be part of your living expenses for as long as you own your home.
What many people don’t realize is that they can lower their monthly premiums for house insurance by following a few simple steps.
Shop around – Different companies offer different premiums. Talk to a Texas agent to see what they can offer you. There are also sites online that will help you compare different insurance policies and choose the best one for you and your family.
Increase your deductible – Look at your budget and short-term savings, and decide what you could realistically afford to pay out-of-pocket in case of an emergency. Increasing your deductible will lower your monthly premiums.
Look for incentives – Many insurance companies offer loyalty incentives for long-term customers. If you’ve been with your company for a while, call and see if you qualify. If you’ve never placed a claim, then you might also qualify for a lower premium. Other potential incentives include senior rates and special premiums offered through employers.
Do an up-to-date inventory - Take a look at what your house and your belongings are really worth. Be sure that you’re not insuring more than you actually own.
Bundle your insurance – Many insurance companies offer more than one type of insurance. If, for example, you purchase car insurance, home insurance and life insurance from the same company, you might qualify for reduced rates.
Make your house a safer place – If you’re less likely to have to make a claim on your home insurance, then you might qualify for a lower rate. Consider installing home security devices, like better locks, a sprinkler system, or a monitored alarm. Contact your insurance company before making the changes – you might find that the cost of these security devices is less than the money you’ll save on your home insurance premiums.
Update your home - Renovations and updates to your home can lower your home insurance premiums. If your house is over ten years old, then installing a new roof or updating basic systems like plumbing or electricity can save you money on home insurance.
Talk to your insurance company - The best thing that you can do is call and ask! Your insurance company can give you suggestions for lowering your premiums, but you’ll have to initiate the conversation.
It’s a given that you’ll purchase and continue paying for home insurance. You want to know that your investment – your home – is covered should the unthinkable happen. But there are ways to lighten the pressure on your wallet today, while still making sure that you’re protecting your assets for tomorrow!