Many people get homeowners coverage when they purchase their home and don’t look at it again for years. If it has been a while since you re-evaluated your policy, there may be some ways you can save some money on the cost of your house insurance. Here are a few ideas:
1. Review Contents and Personal Property
Chances are good that the value of the contents of your home has changed over time. You may have had kids, and realized that glass china cabinet wasn’t the best idea anymore. Or maybe you became a vegan and sold your fur coat. Or cashed in a valuable painting. And lots of stuff you originally estimated value for has probably depreciated. Scheduling a review once a year can help you to keep this number updated so you aren’t paying more for coverage you don’t need.
2. Dwelling Replacement Costs
The cost to replace your dwelling now may be less than it was 5 years ago. Or, you may have included the whole value of your property, including the land, in your initial coverage amount, which would be a greater amount and unnecessary expense. Either way, this is another area that you can look at and make sure the coverage is accurate for your current property.
3. Consider a higher deductible
You might be in a different place financially than you were when you first purchased your home. Paying $1000 out of pocket for a deductible may have been impossible for you then, but it might be more feasible for you now. If the increase in your deductible is something you could consider, your premium can be reduced significantly. The higher the deductible, the lower the premium.
4. Consolidate your coverage.
Most home insurance companies offer discounts for using their services for multiple policies. You may be eligible for a discount on your homeowners policy if you consider using the same company for your auto insurance, for example.
5. Make your home more secure.
Most homeowners insurance policies offer discounts for installing security systems in your home. More secure home AND insurance savings? Win-win.
These are just a few of the ways you can potentially lower homeowners insurance premiums.
Contact our office to speak with one of our agents that can provide Home Owners Insurance for Wilmington, Wrightsville Beach, Kure, Carolina Beach, Southport, Leland, Hampstead, and surrounding areas.