Homeowners insurance might be one of your bigger bills, but it isn't one you can skip. While the risk of something happening to your home is low, there's probably no way you could suddenly pay hundreds of thousands of dollars to rebuild it. This is especially true if you still have a mortgage that you would be responsible for paying off first. However, there are still ways that you can lower your homeowner's insurance premium. Here are some of the smarter ones.
Install an Alarm System
Most homeowners insurance companies give a direct discount for having an alarm system. The risk of a burglary is much lower when an alarm system is installed.
The reason is that burglars hate attention and avoid homes with alarms. If the alarm is going off, they will almost always take off before a neighbor comes out to see what the noise is about or the alarm company sends the police to check on the home.
Even if a burglar ignores your alarm company stickers and tries to break in, the alarm causing them to leave sooner will limit how much they steal and how much the insurance company will have to pay.
Invest in Weatherproofing
Many small homeowners insurance claims come from rain leaks and wind damage in storms. While the homeowner might be happy filing a claim, these claims add up for the insurance company and they pass on the costs in higher premiums.
Many homeowners insurance companies offer a premium discount for weatherproofing improvements like a new roof. Even if they don't offer a direct discount, you'll avoid a premium increase if you can avoid the need to file a weather related claim.
Bring Your Home Up to Code
When the building code changes, old homes are grandfathered in. Only new homes and new renovations have to comply with the current code.
However, the building code is updated for a reason. It's designed to improve safety.
Therefore, older homes will usually be charged higher insurance rates unless you can improve you've upgraded to meet the current building code.
Look Outside of Your Home
There are many discounts available for things like being in a gated community, having street lights, or being close to a fire station. Ask your insurance agent about any discounts that may apply and then check your neighborhood to see if you qualify.
To learn more ways to save on your homeowner's insurance policy or to get a quote for a new policy, contact a local homeowners insurance agent (such as one from Parker Insurance Agency) today.