Wetzel Insurance Agency Blog

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How to Save Money on Homeowners Insurance.

Nearly everyone values saving money, and this sentiment transfers towards insurance savings as well. Yet accomplishing this feat by skimping on coverage and not having enough insurance to cover the cost of replacing your belongings or house is not a prudent path. We know that you are actively seeking ways to save money, so here are our tips on how to save a bit on your homeowners insurance policy.

 

  1. Safety Devices

Owning devices that protect your home from damage or theft is a wise decision and offers many benefits. Smoke alarms, security systems, sprinklers systems, etc. are all effective at reducing the risk of something major happening to your home. If you do have any of these in your home talk to your insurance agent to see if you can receive any discounts. However, if these are not a part of your home make sure to ask your insurance agent to see if there are any potential savings available if safety devices are installed in the home. If there are, then it may make financial sense to install these.

 

2. Affiliations

Some insurance companies have started offering special discounts for those who are part of different groups. These could include college alumni, trade associations, etc. Although not as common today, it is worth checking with your insurance agent to see if you qualify for one of these insurance discounts. If you do, this could save you a significant amount of money.

 

3. Multi-policy Discount

This is probably the most common savings for homeowners insurance. Basically all you have to do is have multiple insurance policies with one insurance company. The most common combo is auto insurance and homeowners insurance. If you combine these, your insurance premium will be reduced. It will simplify your policies as well allowing it to become easier to manage.

 

4. Home Improvements

Homes with old wiring and older plumbing can sometimes be more of a risk, which means that the insurance company may charge you more. This could also occur if you have an old roof that could potentially leak and cause damage. Thus, maintaining your house and making improvements can help reduce the risk of damage occurring.  

 

The ways to save money on your insurance can also change based on the state you are in as well. Some states will lower the premium of those with good credit. However, this does vary depending on your location.  Always talk to your insurance agent if you have questions or are looking for better ways to save money.