How to Save Money On Homeowners Insurance: A Tips Guide

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Having home insurance is something that buyers are required to do. Therefore, don’t overspend! There are so many home insurance companies and different plans out there, so don’t take the first option that you see. Here are some great tips that can teach you how to save money on homeowners insurance.

Consider Increasing Your Deductible

Your home insurance is there to cover the big losses. Therefore, if you increase your deductible, then your premium will be lower. When increasing your deductible, make sure that the amount is still affordable for you if something goes wrong, but also make sure it’s high enough that it lowers your price. This is a great way to save money on home insurance. It also stops you from claiming more towards your insurance, which can help with keeping your costs low for years to come.

Updating Your Home Can Save You Money

Keeping your home updated is a great way to save money on homeowners insurance. Keep your roof and hot water tank in good condition, and replace when they’re looking dated and worn. Your insurance provider could offer discounts for upgrading! In the age of DIY shows on HGTV, watch a few episodes and get inspiration. You could have a little fun along the way, too.

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Do Not Over Insure Your Personal Belongings

A great way to keep track of the value of your belongings is to create a household inventory checklist. This way, you have an accurate value for what you should be covering. This inventory checklist should include electronics, jewelry and furniture. If applicable, keep all your receipts digitally or in a safe spot. You should insure your belongings as close as you can to the accurate price, so you’re paying what you should be. 

Do Not Over Insure Your Home Value 

Make sure to insure your home for what it would cost if it was a total loss and needed to be rebuilt. Do not insure your home at the cost that you purchased it for. Your purchase price was indicative of market value for your house and land. Market value can also affect cost based off of the year it was built. If you have a newer home, it could cost less to rebuild than what you paid for out of pocket. 

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Consider Future Premium Increases 

According to Coverage, frequent and expensive claims can affect your premium pricing. Your home insurance is there to help with the big losses. For this reason, making multiple small claims can lose you money. They could increase your price, lose your discounts or drop you. For example: if you lose your $700 television due to a lightning strike, but your deductible is $500, don’t make the claim. Many small claims can add up to a higher premium when it’s time to renew. Use your insurance for the big losses, pay out of pocket for the smaller ones. 

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Keep Your Home In Good Shape

Keeping your home in good shape can be done in subtle, but effective ways. Replace the dangerous stairs, demolish the rotting patio. You are preventing the potential that you will have to make a deductible or claim. If you don’t have to make deductibles or claims, your insurance will stay loyal to you and can even give you discounts for future policies. 

Replace the Plastic Plumbing Hoses

Water loss is the most significant and costly problem with insurance claims. Instead of plastic, replace with braided steel hoses for your pipes. Plastic is a cheaper alternative for builders, therefore it’s more likely to wear out, dry, bulge and burst. This can cause thousands of dollars in minutes. Knowing this, you should make the investment to upgrade. This can save your claims free discount. 

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Eliminate Unnecessary Home Insurance Coverages

Many home insurances will have coverages for your garage, jewelry or collectibles. If you don’t own a garage, don’t pay to cover it. The same ideology goes for jewelry or any expensive collectibles. These variables will still show up on policies, so make sure to read the fine print before paying for coverage for items you don’t have.

Find a Provider That Offers Free Monthly Payments

Paying for your home on a monthly basis could result in extra charges. Make sure to read your contract to see what you are paying for every month, other than your base monthly payment. 

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Invest in Smart Home Devices

Lastly,  invest in new smart home devices. Did you know that smart devices might get you homeowners insurance discounts? It’s true.  This is why it’s a great resource to save money on homeowners insurance.

  • Video doorbell cameras can offer an average of 5% of savings due to the monitoring. 
  • Smart smoke alarms can also give you a discount, with an average savings of 5%.
  • Locks with smart home capabilities can be rewarded with a 5% discount on your home insurance policy, depending on your provider.
  • Smart thermostats are great for reducing energy bills and expenses. They can also give you a 3-5% discount depending on the insurer. 

Smart home devices are a great way to secure your home, and an awesome method on how to save money on insurance.

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Need Insurance? We’re ONIT

Searching and price shopping for home insurance isn’t for the faint of heart. That’s why we’re here! For over a decade, ONIT insurance brokers have made it easier for homeowners to find the insurance that they need. We can find you a great policy, while also working to save money on homeowners insurance.  We work with top companies that can provide you great coverage, at lower costs. Visit us online or call us today at 1-833-433-0331 to get your property insured.

ONIT Home is your one-stop shop to create a space for families to enjoy. Bundle your purchases together for a $1,500 voucher to be used with our water filtration, security systems, or solar panels. Or, receive a $2,000 security system for $1,000 with a purchase of a water filtration system. Ready to go solar? Every solar panel system is a two week installation and comes with a free home security and water filtration system! Learn more about our bundling deals today by calling us at 1-833-433-0331. Whatever you need, we’re ONIT!