Tips to Help Save Money on Homeowners Premiums

Homeownership can be exciting and certainly rewarding, but it can also be downright expensive. While it’s important to have adequate coverage in all areas for what’s likely the biggest investment of your life, it doesn’t necessarily have to break the bank. Fortunately, there are a number of simple ways to slash your homeowners insurance premium, from upgrading your home to paying your premium in full. Here’s a look at a handful of ways to save that you can start on today.

Option 1: Save Money on Your Homeowners Premiums by Installing Safety Features

Insurance is all about risk protection, so the less of a risk your home is in the eyes of your insurance company, the lower your premiums are likely to be. Luckily, this also applies in the event your home becomes safer through the addition of security features. Even if you’ve already got a homeowners insurance policy in place, speak with your independent insurance agent after making any of these additions to your home. You might just be able to start saving.

Safety features that could help you save money on your premium:

Burglar alarms: Theft is a huge concern for insurance companies. If you install a burglar alarm or any kind of security system on your home, you can greatly reduce your risk of break-ins and theft. As a result, your insurance company will likely reward you with a discount.
Fire extinguishers: Insurance companies’ number one concern when it comes to homes is fire damage. Any measures you take to reduce your risk of fire damage are likely to also reduce your home insurance premium. This includes adding a fire extinguisher.
Sprinkler systems: Similar to the previous example, only a sprinkler system is a much more effective means of preventing fire damage, and therefore comes with the potential for receiving a more significant discount on your home insurance.
Reinforced locks: While your home already comes with locks on the doors (or at least, it really should), taking the time to switch them to more secure versions can lead to an insurance discount. Beyond the standard deadbolts and chains, though, you can take it a step further and install smart locks, which correspond to an app installed on your phone. Smart locks also allow for keyless entry and respond to your commands even while you’re away from the home. They’re pretty much cool all around.
Fences and gates: Insurance companies tend to favor homes within gated communities because of the obvious reduced risk of break-ins. However, just installing a fence with a secure gate around your home can seriously help to protect your property, and in turn land you a nice discount on your home insurance premium.

This list of home safety features you can add is far from extensive. Talk to your independent insurance agent about other options for protecting your home and potentially scoring a discount on your homeowners premium. Just keep in mind that not every insurance company will offer the same discount for each option on this list.

Option 2: Save Money on Your Homeowners Premiums by Upgrading Your Home

If your home is already extra safe and secure, don’t worry. There are still ways you can save more money on your homeowners premium. Plenty of common home upgrades that homeowners choose to make are attractive in the eyes of insurance companies. Taking on one of these projects today could help you start saving money on your policy tomorrow.

Home upgrades that could help you save money on your premium:

Upgrade to a hail-resistant roof: This one only applies if you live in an area that’s prone to hailstorms. Hail damage is one of the top homeowners insurance claims, and roofs are the most vulnerable point when it comes to this type of disaster. If you upgrade your roof to hail-resistant shingles, your insurance company is likely to reward you with a significant discount.
Upgrade to storm windows: This option closely follows in the footsteps of the previous. Since windstorms and hail are such a huge risk to homeowners, upgrading your home’s windows to storm-resistant glass can not only reduce your risk of damage (and proceeding headaches) in the event of a natural disaster, but also reduce your premium.
Upgrade to storm doors: Last in the storm protection category is the option to upgrade to heavy-duty doors on your main house and garage. Hurricane-rated doors and garage doors can not only protect your home, belongings, and vehicles, but also help protect your wallet if your insurance company cuts you slack on the cost of your policy.
Upgrade your plumbing: Another thing insurance companies love to see are up-to-date, efficient plumbing systems. Updating your plumbing can already reward you on your premium, but you can also take it a step further and have water-shutoff features or water leak sensors installed. The less risk your home has of water damage, the better.
Upgrade your paint job: When your home is more physically attractive, not only will you as the homeowner feel a greater sense of pride, but your home insurance company will also be pleased. If you’re planning to slap a fresh coat of paint on your home, check in with your independent insurance agent about potential premium discounts.
Upgrade your back yard: If your yard is full of unsafe fixtures like trampolines, old swing sets or pools, you might consider removing them and replacing them with more grass or a nice, peaceful garden. The fewer risk factors on your property, the better. Insurance companies often reward homeowners who remove potential safety hazards from their lawn by slashing their premiums.

Really, there are many ways you can upgrade your home, and many ways to save on your homeowners insurance premium. If you’re not interested in making any of these upgrades and are looking for more ideas, call up your independent insurance agent for further suggestions. They’ll be able to check in with your specific homeowners insurance company to see what discounts may be available.

Option 3: Save Money on Your Homeowners Premiums by Paying the Year in Full

A simple way to save money on your homeowners insurance is to pay for an entire year’s worth of premiums all at once. If you opt to make monthly premium payments, your insurance company likely will tack on a bit of an extra fee in order to process all the additional checks. Paying up front with one lump sum can alleviate this extra cost to your premium. Plus, then you only have to write one check. It’s basically a win-win.

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