Any idea that saves you money is generally a good idea. If you have never given your Pennsylvania homeowners insurance policy much thought, then you probably have plenty of areas in which you can save a considerable amount of cash. Below are five money saving ideas that can help you write out smaller checks to your homeowners insurance company.
1. Look Into Coverage Before Home Purchase
As you are shopping for a new home, you should also be shopping for homeowners insurance. The actual home itself is more of a determining factor in your homeowners insurance premiums that you are personally. You may find that one home is much more expensive to insure than another. For example, one home may lie in a flood plain and require expensive flood insurance, while another home may not.
If you are looking into two or three different homes for purchase, get homeowners insurance rate quotes on each of the homes to see which is the most and least expensive. It could help you reach your final decision on your new home purchase.
2. Don’t Let Coverage Discounts Pass You By
Each homeowners insurance company offers discounts that you may have never thought were available. While each company is a bit different, the following is a general list of discounts that are offered by most homeowners insurance providers.
- Loyalty discounts: If you are happy with your insurer, then stay with them and you may receive a 5 to 10 percent discount after 3 to 5 years of being with the same company.
- More policies, more savings: Most homeowners insurance companies also sell auto insurance. If you purchase both policies from the same company, you will get a discount on both policies.
- New non-smokers: Smokers have to pay more for homeowners insurance because of the fire hazard. If you have recently quit but your insurance policy does not reflect this change, let the insurer know.
- Retired and over 55: Statistics show that retired individuals over the age of 55 tend to spend much more time performing home maintenance. They are also at home more and able to squash potential perils.
3. Secure Your Home for Cheaper Insurance
A homeowners insurance policy will cover damage or loss of contents. For this reason, your homeowners insurance company will look favorably on any increases in security. A few changes can offer you some peace of mind and save you money on your Pennsylvania homeowners insurance.
Here are a few things that can help make your home more secure.
- Burglar alarms
- Deadbolt locks
- Motion detecting lights
- Security cameras
- Security system (Brinks, ADT)
- Smoke detectors (additional)
Most of these security devices will result in a 2 to 5 percent discount in your insurance, but the purchase of a security system can result in a significant reduction in your premiums, possibly up to 20 percent.
4. Yearly Analysis of Your Pennsylvania Coverage
Things are constantly changing within your home, in your community and with homeowners insurance companies. It is a good idea, each year, to take stock of your insurance policy and see what has changed. You may have new items that must be insured. You may have added a structure to the property. A fire hydrant may have recently been placed on your block that could reduce your premiums. The insurance company may have raised your rate more than you think appropriate.
While updating your policy, it is a good idea to take 30 minutes and get a new set of homeowners insurance quotes to make sure your current provider is still the best deal for you.
5. Utilize Pennsylvania Homeowners Insurance Quotes
You will not find a money saving tip that offers more bang for your buck than homeowner insurance rate quotes. Whether you are shopping for insurance for a new home, or doing your yearly analysis, 30 minutes or less and you can save hundreds of dollars per year—and the quotes are free. It sure beats making numerous phone calls or meeting with many different homeowners insurance agents.
So keep in mind these money saving ideas and don’t forget to get those rate quotes and you will find the best deal possible on your Pennsylvania homeowners insurance.