Shopping around for lower homeowner insurance costs may be time consuming, but it is extremely rewarding. Consult family and friends, yellow pages or online homeowners’ insurance agencies. Some insurers may exclude some items that another covers, or they may charge higher premiums for coverage that is already included in another insurance company’s standard policy premiums. You can discuss policy discounts with homeowners insurance agents that could possibly decrease premiums. It is important to know what coverage you have or will have. Local independent agents can help homeowners identify the homeowners insurance providers that offer the appropriate coverage for the best value in your area.
Insurance Risks and Rates
Once again, a little homework is worth the time. Knowing what your coverage covers and how much it costs, as well as familiarizing yourself with differences in rates over different locations and areas is extremely beneficial. Rates for homes in areas that have a history of vandalism or thefts will be higher than rates in areas that providers consider lower risk for these events. Ensure your policy does not include the value of the land where your home sits. If it does, you might be paying more than you should. Deducting the value of the land could lower your monthly premium.
Raise Your Homeowner’s Insurance Deductible
Deductibles are what you are required to pay before the insurance company pays on your claim. Your deductible amount depends on policy terms, but typically, the higher the deductible, the lower the monthly premium cost.
Bundling is prevalent these days for services from cable TV and internet to insurance coverage. This is a sure way to lower your overall monthly premium. Combining your Texas homeowner insurance with your auto policies can lower your monthly premium by as much as 20%.
Disaster-proof Your Home
Most agents or insurance representatives can give you ideas on how to protect your home against natural disasters, such as windstorms, hail or hurricanes. Installing storm shutters or replacing an older roof are a couple of ways to disaster-proof your home in order to lower your monthly homeowners insurance premiums.
Adding additional security to your home will help lower the cost of your homeowners insurance policy. Installing security cameras, burglar alarms, deadbolts and smoke detectors can save 5-10% on monthly premiums. Automatic Sprinkler systems and any other security systems that alert the Police or Fire Department on your behalf at the first sign of disaster are also cost saving. Many homeowners insurance companies offer discounts for home security systems.
Good Credit History
Building and maintaining good, strong credit can also qualify you for deductions up to 5% on your homeowners insurance policy.
Overall, you can take steps as a homeowner to keep your Texas homeowner’s insurance premiums down and prevent them from spiking when it comes time to renew.