4 Ways to Save On Your Home Insurance

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Are you hoping to save money on your home insurance premiums? 

The price you'll pay for homeowners' insurance varies dramatically depending on your state. Residents of Oklahoma can expect to pay $4,445 a year, while Hawaiians average a mere $499 a year for theirs. 

Aside from selling your house and moving to Hawaii (not that we're against the idea), what else can you do to reduce your home insurance costs? Here are 4 tips to consider for saving on home insurance. 

1. Shop Around 

Even if you've been with the same company for years, there's no harm in requesting home insurance quotes from different providers. 

Get recommendations from friends and family members. Read online reviews from past and current customers. Consider not only the price but also the company's reputation for customer service and how quickly they settle claims. 

You might find that the company that offered you the best rate last time no longer has the best deal. The insurance world is always changing, so you won't know until you do some research. 

2. Choose a Higher Deductible 

With any homeowners insurance policy, you can choose the deductible you'll pay before the policy kicks in. 

The higher your deductible, the lower your monthly premium. Keep in mind, though, that you need to have that deductible amount on-hand in case an emergency arises. 

Before you raise your deductible to $1,000 or $5,000 in hopes of saving on your premium, consider what would happen if your house burned down tomorrow. Do you have enough in savings to make up the difference? 

3. Enhance Your Home's Security Features 

You can't do anything to change your home's location if you live in an area prone to fires, floods, or hurricanes. However, you can take steps to protect your home against potential damage (and save on home insurance in the process). 

For example, storm shutters and impact-resistant doors could shave a few dollars off your policy if you live near the coast. Installing deadbolt doors and window locks could help you save if there's a lot of burglaries in your neighborhood. 

Even upgrading outdated electrical or plumbing systems could reduce how much you'll pay for home insurance. 

4. Ask About Other Discounts 

If you have multiple insurance policies with multiple companies, you could save money by bundling them together. Ask your providers about umbrella policies that cover home, auto, life, and boat insurance. 

There are also some more obscure discounts you might qualify for, if you know to ask about them! These include: 

• Nonsmokers discount 
• Senior citizens discount 
• No-claims or claims-free discount 
• Homeowner's Association (HOA) discount 
• Water sensor discount 

Some home insurance companies also offer discounts to new homeowners or those who set up automatic bank payments. You won't know until you ask. 

Save on Your Home Insurance Today 

In a perfect world, we wouldn't have to worry about things like home insurance. 

In the meantime, use the tips outlined above to reduce your home insurance premiums. Even a small deduction each month when insuring your house can equal big savings at the end of the year! 

Did you find this article on home insurance to be helpful? Be sure to browse our other recent posts for more great information on insuring your house in the Insurance section of the Bootstrap Business Blog.

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