Seven ways to save money on homeowners insurance

Homeowners insurance is a crucial safeguard for one of your most significant investments—your home. However, premiums can be a substantial expense. Here are seven effective ways to save money on your homeowner’s insurance without compromising your coverage:

Shop Around and Compare Quotes

One of the most effective strategies for saving on homeowners insurance is to shop around. Insurance rates can vary significantly between companies, so getting quotes from multiple insurers pays off. For instance, by comparing quotes, you could potentially save up to [20%] on your annual premium. Use online comparison tools and consult with insurance agents to find the best deal. Ensure you compare policies with similar coverage levels to make an informed decision.

Increase Your Deductible

Raising your deductible—the out-of-pocket amount before your Oregon insurance kicks in—can lower your premium. While this means you’ll pay more in the event of a claim, it can significantly reduce your annual premium. However, it’s important to consider your ability to cover the higher deductible in an emergency before making this change. If you’re confident in your emergency fund or have a low-risk home, this could be a viable option.

Bundle Policies

Many insurance companies offer discounts if you purchase multiple insurance policies, such as homeowners, auto, and life insurance. Bundling these policies can lead to substantial savings. Check with your current insurer to see if they offer bundling discounts or look for providers specializing in multiple coverage options.

Improve Home Security

Enhancing your home’s security can reduce your insurance premiums. Installing smoke detectors, burglar alarms, and deadbolt locks can make your home less risky to insure. Some Oregon insurers offer discounts for these safety measures. For instance, a monitored security service could potentially save you [15%] on your annual premium. Investing in more advanced systems like monitored security services can also lead to further reductions.

Maintain a Good Credit Score

Insurance companies often use credit scores to determine premiums. By maintaining a good credit score, you can take charge of your insurance costs. Pay your bills on time, reduce debt, and regularly check your credit report for errors. Improving your credit score can have long-term benefits for your insurance rates, making you feel more in control of your financial health.

Make Home Improvements

Specific home improvements not only lower your insurance premiums but also enhance your home’s safety. Upgrading your plumbing, electrical, and heating systems can reduce the risk of damage and, consequently, your premiums. Additionally, reinforcing your roof, adding storm shutters, and retrofitting your home to withstand natural disasters can make your home safer and less costly to insure, giving you a greater sense of security.

Ask About Discounts

Insurance companies offer various discounts you might need to be aware of. These can include discounts for being claim-free for a certain period, being a loyal customer, being a member of specific organizations, or even being a senior citizen. To find out if you qualify for any of these discounts, simply call your insurer and ask. Always ask your insurer about any available discounts and see if you qualify for additional savings.

Conclusion

Saving money on homeowners insurance involves a combination of proactive measures and savvy shopping. By comparing quotes, increasing your deductible, bundling policies, improving home security, maintaining a good credit score, making home improvements, and asking about discounts, you can significantly reduce your premiums while maintaining adequate coverage. It’s crucial to remember that while saving money is important, it should never come at the expense of your home’s protection. Exploring these options can yield considerable savings and provide peace of mind, knowing your home is well-protected.

For an affordable homeowners insurance quote, contact us today by calling us at (541) 318-8845, or click here to connect with us online.