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BUNDLE MULTIPLE POLICIES
If you have multiple policies, such as home and auto insurance, with the same insurer, you may be able to bundle the policies for a discount.
SECURE YOUR HOME AND SAVE ON INSURANCE
Installing safety or security devices in your home may be another way to help reduce homeowners insurance costs, states the National Association of Insurance Commissioners. These devices, which are meant to help reduce the risk of potential damage or injuries, typically include:
- A burglar alarm system
- Smoke detectors
- Fire extinguishers
- A sprinkler system
- Deadbolt locks
- Water leak detectors
- Gas leak detectors
MAKE HOME IMPROVEMENTS
Insurers may offer homeowners insurance discounts if you update your home to help make it more resistant to weather-related disasters, fire damage, or water damage, says the Insurance Information Institute (III).
In some states, you may be able to reduce your premiums by reinforcing your roof or adding storm shutters to help mitigate storm damage. You may also be eligible for a discount after updating heating, plumbing, or electrical systems that may help avoid fire or water damage. Check with your insurance company about which, if any, improvements qualify for a discount.
ASK ABOUT ADDITIONAL DISCOUNTS
Depending on your insurer, additional discounts may be available for:
- Being a nonsmoker
- Being age 55 or older and retired
- New homebuyers
- Setting up automatic payments to pay your insurance premiums
Sometimes it’s as simple as asking your insurance agent if you qualify for any discounts, particularly since they may vary from state to state. For example, some insurers may give you a discount if you let them know you’re retired since being at home more often means you’re less likely to be burglarized and may also mean you can spot hazards, such as fires, sooner than if you were working away from home, says the III.
INCREASE YOUR POLICY’S DEDUCTIBLES
Another way you may be able to reduce the amount of your premium is by increasing your deductibles. A deductible is what you’ll pay toward a covered claim. For example, you may be able to adjust the deductible on your dwelling coverage and personal property coverage.
The III states that a higher deductible typically means lower premiums. While you may have to pay a bit more out of pocket toward a covered claim, you’ll likely notice some savings in your premium payments.
While a good price may help your decision, keep in mind that a dependable insurance company, quality customer service, and having the appropriate coverage in place can be very important should you ever need to file a claim. The Pfarr Insurance Agency located at Point Ruston is family-oriented and we are more than happy to assist you with any questions you may have.