9 Ways To Save On Home Insurance
Improve Your Credit Score
Insurers consider homeowners with higher credit scores a safer bet, and charge such individuals lower premiums. Therefore, maintain a solid credit history by keeping your credit card balances low and paying your bills on time.
Avoid Having A Trampoline
As trampolines are a leading cause of childhood injury, having one results in your insurance premium skyrocketing. If you must have a trampoline, place it in a securely fenced area and surround it with a safety net to prevent injuries.
Secure The Pool
Swimming pools also pose a great risk, especially to children, due to which having one causes a spike in your insurance. To avoid this hike in premium, install self-locking gates and fences, and keep first aid kits and safety equipment handy.
Reconsider Adopting A New Pet
Approximately one-third of all home insurance liability claims are filed due to dog bites. Therefore, insurers view even the friendliest dogs as a potential risk. Keep your current pet, but if you want to avoid a further increase in your premium, reconsider getting any additional pet.
Cover Your Assets
Expensive items like high-priced watches, engagement rings, and the like put your home at a greater risk of being robbed. These luxury items are not covered by standard home insurance, so consider buying separate riders to protect them.
Get A Home Business Insurance Policy
Running a home business means installing specialized, expensive equipment like scanners, office supplies, filing cabinets, and the like. These items are susceptible to burglary, fire or water damage, so your insurer may increase your premium. You may need to get a separate rider or home business policy.
Be Wary Of Filing Claims
Filing multiple claims within two or three years increases your perceived risk, causing a rise in your insurance premium as well. Therefore, file claims wisely.
Keep Wood-Burners Updated
Wood-burning fireplaces or stoves cause multiple home fires every year, so insurers may increase your premium for owning one. Minimize this hike by proving to your insurer that your wood-burning stove was installed by a licensed contractor and fulfills code requirements.
Adding structural elements, like winding staircases, can increase the risk of slips and falls. Moreover, an older roof, wiring, and plumbing makes your home more prone to damage. Both these aspects can increase your insurance premium, so remodel wisely.