Whether you’ve just moved into a new home in metro Detroit or have enjoyed living in your home for decades, you do want to find ways to lower home insurance costs. There are many ways to do so, and many of them can even reinforce your peace of mind while helping you save money.
Consider the following tips and suggestions.
1. Shop around.
Many insurance agents will help you compare insurance costs, so take advantage of that option. Even after you receive numbers from one agent, try another, and then another. Most insurance agencies are pretty comparable when it comes to services, so as long as you make sure they can provide you with the services you need, there’s usually no harm in going with the one that provides you with the lowest costs.
2. Take advantage of the location of your home.
If you’re buying a new home, consider additional incentives you may receive related to insurance. The cost of insurance for a new construction home would likely be lower than that of an older home, and you may also see reduced costs if the city has a full-time fire department or a nearby fire station.
3. Invest in a home security system.
4. Bundle policies.
Discounts often apply to those who bundle home and auto insurance, so it may be wise to obtain both types of insurance through the same company.
5. Raise your deductible.
As long as you’re willing to risk paying more in the event of a claim, raising your deductible can save you money in the form of lower monthly payments.
6. Maintain your credit score.
Many insurance agencies will consider your credit history when you sign up for their services, so if you have a great credit history, keep it up. If not, work to improve it by checking your credit score to remove inaccuracies, paying your bills on time every time, and keeping your balances low. (Ask your local banking institution or home loan officer for additional tips on how to improve your credit score.)
7. Review your policy.
Review your homeowners’ insurance policy annually to make sure you’re not paying for something that you no longer own, and to see if you are eligible for any new rebates. Get rid of any items in your house or on your property that you don’t need, such as a shed that no one uses, in order to avoid paying for them in your policy.
8. Be proactive by modernizing.
Be proactive by modernizing electricity, plumbing, and appliances, helping to prevent fire, flooding, or other disasters. Making these adjustments can help to lower home insurance costs and also help ensure that you don’t have to make a costly claim.
(Remember, by the way, that many home insurance policies do not include flood insurance. Consult with your insurance agent to learn about buying additional flood insurance, especially if you live in an area that is prone to flooding.)
9. Keep your home safe.
Claims can increase your premium, so keep your house, garage, sidewalk, and driveway free of tripping hazards in order to avoid the possibility of injury.
You also should trim any tree branches or hire a company to remove or trim trees that are touching power lines or that could fall onto your property.
10. Try to pay your bill in full.
Most insurance agencies allow monthly payments, but you may have to pay a fee. Try to pay the bill in full in order to avoid those added costs.