Here are five ways to save 5 percent (each!) or more on your homeowner’s insurance premium:
- Got a new roof? Get a break on your insurance. Most insurance companies add a surcharge onto your homeowner’s policy premium if your roof is at least 20 years old. If you replace it, let your agent know. You could save up to 10 percent on your premium. Same goes for major plumbing and electrical updates. Call your agent as soon as the work is finished.
- Adding security features like a central burglar alarm to your home could save you some money on your premium. And if you failed to mention to your agent that you live in a gated community or in a building with a security guard, you’re missing out on a discount. After all, your homeowner’s policy covers not only the structure of your home, but the stuff you keep in it.
- If you’ve gotten married since you bought your homeowner’s policy, tell you agent the good news. Married couples save between 5 percent and 10 percent on their premiums because statistics show they’re more responsible than single policy-holders. You’ll lose the discount if you divorce.
- Buy your car insurance from the same company that issued your homeowner’s insurance. You could save up to 20 percent on the pair of premiums.
- Shop around for better prices every year or two. If your insurance company has a bad year, it might raise its prices higher than its competitors’. There no need for you to pay higher premiums than you have to. If you work with an independent agent, ask for a periodic comparison of your insurance versus other brands. If you work with a one-company agent, use the Internet to compare rates.
