How To Save Money On Homeowners Insurance

​Did you know that living next door to a fire station could lower your homeowners insurance payments? Proximity to a firehouse is just one variable of many that can significantly reduce what you’re paying for homeowners insurance. Set aside time this week to review your homeowners policy and take steps to reduce the risk of loss so you can cut thousands of dollars from your premium payments over the life of the policy!
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​In a survey of over a thousand consumers, the Travelers Co. discovered that over half of the respondents (56%) in 2016 said they check their homeowner policies at least once a year, down from 60% in the 2015 survey. Those who aren’t checking their policies could be missing out on ways to save. Here are a few steps you can take to start the new year off with lower premiums:

1. Bundle your insurance policies. InsuranceQuotes, an online insurance marketplace, found that consumers could save an average of $314 a year by combining auto and home, condominium, or renters policies with the same insurer. In some states, the discount is even higher. Combining other types of insurance products, such as life insurance or an umbrella policy, may qualify for a bundling discount as well. The more business you give one insurance company, the more likely you are to get discounts.
2. Home improvements - including the roof, windows, electrical or plumbing systems - can qualify for a discount as well. Many homeowners neglect to notify their insurance agent when they remodel. If you’ve remodeled recently, be sure to get in touch with your insurance agent to see if you qualify for a lower premium. If you’ve been thinking about remodeling already, this is just another great reason to do so. Michael’s Homes is the Upper Peninsula’s Remodeling Company of choice. Contact us today for a free estimate on your upcoming remodel project.
3. Install a security system. A system that automatically dials police or the fire department can qualify for a 5% to 10% premium discount.
4. Ask about discounts. This point is especially important if you’ve recently remodeled, added a security system or storm protection, quit smoking, or improved your credit.
5. Other ways to save. There are more ways to reduce your homeowners insurance premium, although they don’t necessarily qualify as discounts. The first one is to raise your deductible. The higher your deductible, the lower your premium. The second one is to maintain good credit or focus on building your credit score if it’s in the low range. According to Ms. Adams with insuranceQuotes, customers with poor credit could pay double the cost of insurance as those with excellent credit. 

​There are plenty of smaller things you can do or lesser-known discounts that might be available to you, depending on the insurance company. Anything from being a non-smoker to owning a home with “green” features like Energy Star appliances can affect your homeowners insurance premiums.

Looking to start the year off on a good note? Review your homeowners insurance policy with the above points in mind, and start saving!