At isure, we believe your home is your castle. But that doesn’t mean you should pay insurance premiums meant for Buckingham Palace! Check out our seven hacks for reducing your home insurance premium.

Bundle home insurance with other policies

If your home and auto insurance policies are with the same insurer, bundling them together in one policy is one of the quickest and easiest ways to save money. You can save up to 20% on your premiums depending on your insurer. Lean more information about Bundled Insurance by clicking here.

Raise your deductible

Your deductible is the amount of money you are willing to pay if you have an incident at your home and need to make a claim. By raising your deductible, it decreases your monthly insurance premium.

However, it’s important to note that you should be able to afford your deductible in the event of a claim. For example, if a tree falls onto your roof and sustains $5,000 in damage, and you have a $2,000 deductible, you will be responsible to pay the first $2,000 before your insurance will pay the remaining $3,000.

Take extra safety precautions

With homeowners insurance, it pays to be prepared! Installing security alarms, smoke detectors, carbon monoxide detectors, or deadbolt locks are all ways you may be able to further reduce your insurance premium because it lowers your overall risk.

Ask about other discounts

Don’t smoke? You may be able to save on your insurance. At isure, we’ll give you transparent and objective advice. That’s why you should ask about additional discounts that could apply to you. For example, you may qualify for a premium reduction if you are retired, employed by a certain organization, or you and other members in your home do not smoke.

Pay annually

Paying your premiums in one yearly payment (if you can afford it) avoids financing or administration fees.

Consider the insurance conditions when shopping for a new home

The condition of your home impacts your insurance premium. For example, brand new homes are often less expensive to insure because the heating, plumbing, and electrical systems are in top condition.

Location is also important. Buying a home in a low-crime area, near fire stations or near regular water sources impacts your premiums. If you’re in the process of purchasing a new home, keep in mind the insurance conditions in order to pay less in premiums.

Re-examine your policy

While it’s definitely best to be prepared, consider which coverage is truly the best fit for your home.

For example, do you live near a large body of water that is prone to flooding? Definitely make sure to have water damage and flood coverage. But if you don’t own a large amount of expensive jewelry or art, you may not need any valuables coverage. Click here to learn more about flood insurance. Also, if you want to learn more about jewelry insurance you can click here.

To avoid over-insuring without compromising coverage, speak with one of our insurance brokers to determine which coverage is best for your home. Call us at 1-877-514-7873 or email us at [email protected] any time, and connect with us on social media for more information on how to save more money on your home insurance.

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