While a home insurance policy is essential to protect your home and its contents against unexpected events and risks, still some people deny buying the coverage because of its cost. The cost of home insurance depends on various factors, including the type, age, and location of the building and additional structures.

However, despite these, you can save on your home insurance premiums with the following tips:

  1. Keep Your Deductible High

    The deductible is the amount you must pay from your pocket before your home insurance policy comes into effect to pay for the claim. If you have a higher deductible, you can lower your insurance premiums. Nonetheless, make sure you can afford the deductible you choose. Otherwise, you cannot claim reimbursements even for the covered peril.

  2. Install Safety and Security Features

    Safety features, such as a burglar alarm, smoke detector, or deadbolt locks can help you save around 5% on your home insurance premiums. A comprehensive sprinkler system with an actively monitored burglar and fire alarm can help you save 15% to 20% on your home insurance.

  3. Don’t File Small Claims

    It is good to avoid filing claims for smaller expenses that you can comfortably pay out-of-pocket. This is because some insurers offer discounts for staying claim-free for a few years. On the other hand, filing a claim can increase your insurance costs.

  4. Explore Available Discounts

    Different insurers offer different discounts. While some providers offer discounts for smart homes, some other insurers may offer discounts for having safety features. So, it is good to explore all available discounts from various providers and sign up with a provider that offers the most for the least.

  5. Bundle Insurance Policies

    Bundling is buying more than one policy from the same insurance company. If you bundle your auto insurance policy with your home insurance policy, you can save anywhere from 5% to 15% on your premiums.

  6. Maintain a Good Credit Score

    Most insurance companies use your credit information to finalize your home insurance premiums. If you have a good credit score, you can get home insurance with affordable premiums. Keep your credit utilization ratio as low as possible and make your credit card payments on time to maintain a good credit score.

  7. Clear Out High-Risk Stuff

    While trampolines, slides, and swimming pools can be attractive additions to your home, they may increase the risk of liability incidents (bodily injuries and property damage), thus raising your premiums. So, get rid of such stuff to save on your home insurance.

  8. Rely on Smart Technologies

    Invest in smart devices, such as water leak detection systems, gas leak or freezing pipe sensors, and smart locks, as they can minimize the risk of theft and vandalism, thus helping you save on your home insurance.

  9. Consider Close-By Amenities While Buying the Home

    Buying homes with newer heating, plumbing, and electrical systems and homes that are closer to hospitals and fire stations can help reduce your premiums.

  10. Keep Your Home Flood-Proof

    If your living zone is prone to flooding, keep your home resistant to flooding to decrease your insurance premiums. It is also good to buy separate flood coverage, as standard home insurance does not cover flooding.

Protect Your Home with Scautub Insurance!

At Scautub Agency, we are committed to providing a customized home insurance policy to protect your property against every potential risk. Contact us today to get started.

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