Eight Insurance Cost-Saving Tips for the New Year

Eight Insurance Cost-Saving Tips for the New Year

As the new year gets underway, now is a good time to review your home safety and insurance plans for the year.

Make sure in 2023 that you make your home safety a priority, and also ensure that you get the most bang for the buck with your insurance coverage. Here are eight ways that you can reduce your risk as well as your insurance premium:

Get a home security system

If you don’t have a home security system, you should seriously consider getting one to protect your hard-earned assets and home investment.

The good news is that if you get one that is monitored by a central station, or that is tied directly to a local police station, you don’t only protect your home, as you may also receive a discount on your homeowner’s insurance premium.

Install additional smoke alarms

As with a home security system, you can also reduce your insurance premium by installing smoke alarms, not to mention saving your life in case of a fire. Installing them in older homes can shave 10% or more from your premiums.

Some insurance companies will also give further discounts if you install additional smoke detectors.

Raise your deductible

You can reduce your insurance premium by raising your deductible if you are confident you can absorb the cost of paying that out-of-pocket expense if you incur a claim.

Multiple-policy discounts

Many insurance companies will extend a discount of 10% or more to policyholders that have multiple policies with the insurer (such as auto and homeowner’s). Ask us for a quote for other types of insurance from the company that writes your homeowner’s policy.

Plan wisely for expansion

If you plan to construct an addition to the home or build a structure adjacent to it, like a gazebo, know that you’ll pay more for your insurance, depending on how it is built. Wood-framed structures cost more to insure because they are flammable.

If you go with cement or steel-framing, you’ll pay less since they are less susceptible to damage from fire and bad weather.

Costly fun

Pools and trampolines can have a significant impact on your insurance costs and add 10% or more to your premium.

Consider coverage type

If you purchase “guaranteed replacement value” homeowner’s insurance, your policy will cover the entire cost of rebuilding your home after a covered calamity. Coverage limits on such a policy increase as the cost of construction and materials rises.

Make or update a home inventory

A comprehensive home inventory catalogue allows your home and belongings to be recovered, rebuilt and replaced after a loss. While this won’t help you save on your premium, it will prepare you in case you have to file a claim.

With a home inventory, you’ll know exactly what you have lost in a fire, for example.

Get a Free homeowners policy review online today!

Are you looking for home insurance in Seattle Washington? We are a local top rated insurance independent agent protecting all aspects of your life, from your business to your autos and home, we have you covered! The benefit of choosing an independent agent like us means options. We have relationships with many top-rated carriers to give you the home insurance coverage you need that fits your budget. Don’t wait, call us today at (425) 771-9000 or visit our Quotes Online and start saving money.

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