Purchasing homeowners insurance is not only a good financial decision, but it is also required by many mortgage lenders. The prices for policies can vary quite a bit based on the provider, the coverages, deductibles and other factors. You can make sure you are getting the most for your money by following some easy tips.
- Bundle your policies: Some insurance providers will take off as much as 15 percent if you have more than one insurance policy with them.
- Choose a higher deductible: The deductible is the amount you would need to pay before the insurance provider would pay your claim. When you choose a higher deductible, your premium will be lower. For instance, if you go from a $500 deductible to a $1,000 deductible, you can save up to 25 percent.
- Add security features: The safer your home, the less your insurance policy will cost. Most insurance providers offer a discount of up to 20 percent if you install a security system that alerts the proper authorities should something happen. Another way to make your home safer is to install dead bolt locks, a burglar alarm and a smoke detector. These additions can save you around five percent.
- Make safety improvements: Depending on the area you live in, you may be able to save money on your insurance policy by making your home more resistant to natural disasters. For instance, making your roof stronger or adding storm shutters may save you money. Another improvement you can make is to reduce your risk of water and fire damage by improving your electrical, plumbing and heating systems.
- Ask for discounts: Different insurance providers offer many different kinds of discounts. For instance, many providers offer retired policyholders a discount since they are generally home more often and able to better maintain their homes. You may also find that your insurance provider offers discounts for being part of a professional organization.
- Stick with the same insurance provider: Many insurance providers offer loyalty discounts. If you keep your coverage with the same provider over the years, you may find they will gladly reduce your premiums.
Homeowners insurance is often required, but paying too much for it isn’t. Use what you learned here to pay less for your home insurance policy.
Start saving today! Call The Getzoni Agency at 716-631-0363 for more information on New York home insurance.