Many homeowners don’t pay much attention to their property insurance premium,
but a quick evaluation may show that you’re overpaying. (Photo courtesy: Jennifer Egbert).
There’s no getting around the fact that homeownership is expensive, but there’s one expense you could be overpaying for: property insurance. If you’re interested in reducing your property insurance costs while ensuring that your investment remains protected, I have tips for you. Check out these strategies for cutting your property insurance bill without increasing your risk:
Increase your deductible
If you’re looking for a quick way to slash your property insurance premium, an easy way to do this is to increase your deductible. In case you’re not familiar with the term, a deductible is the money you’ll pay out of pocket when you make a claim. If you have cash on hand to cover this fee if the need arises, upping your deductible is a great way to save on annual property insurance costs.
Bulk up your home’s protective measures
Many insurance companies offer up to a 5% discount for homes equipped with security measures such as deadbolt locks and an alarm system. These safety features are nice to have year-round and can enhance your privacy in addition to saving you money on your insurance policy.
Bundle home and auto insurance
Bundling is more popular than ever these days, and for good reason: it’s usually a bargain. Since both home and auto insurance are non-negotiable, it makes financial sense to bundle them for a discount. Many insurers offer bundling incentives, so consider shopping around to save.
Unlock lesser-known discounts
Although bundling different types of insurance through one company is a big way to save, it’s certainly not the only way you can unlock lower prices. If you find yourself with some time to spare, give your home insurance company a call to inquire about specific discounts. Some insurers offer savings for new homeowners, those in certain careers (such as firefighting or teaching), or for paperless or automatic billing.
Although it’s tempting to file a claim when any damage occurs, research shows that you may be better off paying out of pocket for minor repairs. By saving the claims for more serious occurrences, you may be able to access insurance companies’ claim-free discounts. Typically, you’ll qualify for this price cut after staying claim-free for a few years.
Home prices and interest rates are high, so it makes sense to save where you can. Many homeowners don’t pay much attention to their property insurance premium, but a quick evaluation may show that you’re overpaying. If you’re interested in cutting costs, the tips highlighted here may help you trim your expenses.
Jennifer is an award-winning, licensed Realtor® at milehimodern real estate with more than twenty years of experience. She specializes in luxury neighborhoods, home builders, and current market conditions in the Boulder, Colorado market. Visit jenniferegbert.com, e-mail by visiting jenniferegbert.com/contact, or call 720.802.3050.
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