Saving On Your Premium
So now you’re thinking, how can I lower my premiums? Excellent question.
If you’re shopping for a new home, try to find one near a fire station or fire hydrant. Avoid areas that are prone to floods, and look for a brick house if you live in the east (it’s more wind resistant), or aframe house if you live in the west (better for earthquakes.) Check the Comprehensive Loss Underwriting Exchange report of the home you want to buy to learn what kind of problems the house may have.
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If you’re not planning to move, don’t worry: you can still find ways to save money. For starters, beef up your home security. You can save 5% on your premium by installing a smoke detector, burglar alarm, or dead-bolt locks. And as we mentioned earlier, stop smoking. Smokers are responsible for 23,000 home fires each year, so your insurance company may reward a smoke-free household. You should also consider modernizing your plumbing, electric, and heating systems, reinforcing your roof, or adding storm shutters. And if you’ve recently retired, let your insurance company know. Retired people often pay lower premiums because they tend to spend more time maintaining their homes.
Make it an annual practice to compare your policy’s limits against the value of your possessions. If you’ve previously insured something that has depreciated, tell your insurance company so they don’t charge you for coverage that’s higher than what you need.
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