Paul Dreher Director of Personal Insurance View Bio

flood water safety water damage

Homeowners insurance is essential and provides valuable protection, however, the cost of your monthly premium can easily add up. Nevertheless, you can take several measures to lessen the possibility of future losses, resulting in more readily available insurance down the road and more affordable premiums.

Consider the following tips to cut costs on your homeowners insurance while remaining adequately protected:

  • Inspect washing machine hoses regularly for signs of wear and replace them as needed. Upgrading to durable stainless steel hoses may even qualify you for insurance discounts. Also, ensure hoses are not pressed against walls and turn off the water supply when the machine is not in use.
  • Address any water leaks immediately and make sure repairs are completed thoroughly. This may include removing and replacing damaged materials like drywall. For significant leaks, consider hiring a professional remediation service to help prevent mold growth and further damage.
  • Think about installing an automatic water shut-off system in your home. These systems use sensors to detect leaks and can automatically stop the water flow, helping to reduce potential damage. Some insurance providers offer discounts for homes equipped with this technology.
  • Keep your roof well-maintained by scheduling regular inspections. Identifying and fixing minor issues early can help prevent water damage. If you live in an area prone to strong winds, consider roofing materials designed for higher wind resistance.
  • Increase your credit score. You can do so by paying your bills on time and always paying at least the minimum payment due.
  • Avoid filing nuisance claims. Use your coverage to protect against losses that you cannot recover by yourself. Take care of minor incidents on your own.
  • Increase your deductible to lower your monthly premium. According to recent research from the Insurance Information Institute, increasing your deductible from $250 to $500 can cut costs by as much as 12%.
  • Consider buying multiple lines of coverage from the same carrier. This practice can often lead to policy discounts. In fact, many carriers offer discounts for bundling homeowners and automobile insurance policies.
  • Consult your insurance agent. In addition to these practices, be sure to reach out to your insurance agent for more tips on reducing your homeowners insurance expenses. Your insurance agent will be able to provide you with personalized guidance and cost-saving measures that are unique to your circumstances.

Don’t Ditch Your Coverage
Above all, avoid cutting costs on your homeowners insurance by reducing your coverage to less than what you really need or eliminating your policy altogether. Doing so might seem like a simple way to save money in the short term, but it could easily lead to financial devastation later on in the event of a costly home disaster.

Lawley is committed to helping you and your loved ones be smart property owners. To learn more and contact our team, click here.