It\’s always a good idea to take a look at your monthly expenses and see where you might be able to save a few dollars. One place you might not think to look is at your home owners insurance policy. There are some simple things you could do (or that you may have already done!) that can help you save money on your premiums each month.
1. Gated community discount
If you live in a gated community, your insurance premium will be lower. Insurance companies look favorably on gated communities because they are generally safer neighborhoods with lower crime rates where neighbors look out for one another and keep each others home\’s safe. Safer homes mean fewer insurance claims. This is a great way to easily save some money on your policy.
2. Replace your electrical wiring
If your house is old (even just a few decades old) you maybe should look into replacing the wiring. Old houses and old wires can easily lead to fires. Home electronic problems that lead to fires cause almost 500 deaths and over $800 million in damages and property loss each year. If you redo your old wiring, you become less of a risk and can save money.
3. Repair or replace your roof
Your roof is a major concern to your insurance company. Not only does it take a beating from wind, rain, hail and hurricane-blown debris, but once it\’s compromised, the damage costs on a home insurance claim can rise dramatically.So it comes as no surprise that, as more and more impact-resistant roofing materials have come to the market, insurers have been increasingly willing to offer rate discounts to homeowners as an incentive to invest in a \”hard hat\” for their abodes.
4. Homeowner\’s Association discount
Being a member of your community\’s homeowner\’s association is a ticket to savings. Insurance companies consider members of HOA\’s people who are invested in their community and are responsible. HOA\’s are also usually responsible for one another and look out for crime and other damage to homes, helping to save money on claims. These savings are passed right along to you in your policy.
5. Remodeling and renovation discounts
If you have recently upgraded or remodeled any part of your house and replaced old broken down parts, you will be in good shape with your insurance company. Replacing leaky pipes, heaters, electrical panels, foundations or chimney\’s are all things that can lead to a reduction in your premium when they are brand new.
6. Quit smoking
Even though the number of smokers nationwide is in decline, smoking remains the No. 1 cause of home fire fatalities in the United States. According to the U.S. Fire Administration, smoking caused 18,900 residential fires in 2007, killing 595, injuring 1,200 and causing $327 million in residential property loss. If you are a non-smoker you will automatically save money on your policy, if you are currently a smoker and you quit, you will most likely see your rates go down.
If you aren\’t sure where to begin when looking for discounts, contacting an insurance broker may be the next step. You might be able to save money without making any changes to your home at all simply by combining your Texas car insurance and your homeowners insurance. Finding cheap Texas insurance can be a burden, but can be well worth the savings ultimately.