Summit Insurance Advisors
by Michael Harbron on Aug 18, 2021
Every homeowner needs insurance in case things take a turn for the worst. If your homeowner’s insurance policy premium is starting to cut into your monthly expenses, you can try to lower the monthly premium without putting your home at risk. Use these tips to save money on home insurance in Pheonix, AX:
Raise Your Deductible
The deductible is how much you’ll have to pay out of pocket before the insurance company steps in to pay for repairs. You can try raising the deductible to lower your monthly premium; however, you will have to pay more out of pocket if you need to file a claim. Make sure you can still pay the deductible in the event of an emergency, or the insurance company won’t step in to pay for repairs.
Most policies use a standard $500 $1000 deductible but consider going up to $2500 or more if you can afford it. This may help you lower your monthly premium by as much as 10%.
Get Home and Auto Insurance from the Same Insurer
It’s often less expensive to get home and auto insurance from the same insurance company. Many firms offer discounts to customers that have more than one policy. You may be able to save up to 15% when bundling your policies. You will only have to deal with one company when filing a claim. However, it’s still important to shop around to make sure you’re getting the best price. Make sure the combined policies cost less than buying two separate policies from two different insurance companies.
Improve Home Security
Your insurance provider doesn’t want anything to happen to your home or they’ll be on the hook for repairs. That’s why many companies offer discounts to those that do everything they can to safeguard their property. This may include installing a home security system or smoke/carbon monoxide alarm in case of a leak. You can also make changes to your property to protect it from wildfires, floods, and other natural disasters. These changes can help you save money in the short term, but they will also help you prevent the worst-case scenario.
Stay with the Same Insurer for many years?
Have your agent shop your policies with numerous insurance companies to see if rates have changed and there is an opportunity to get comparable coverages at a better value – that is the value of having an independent insurance agency such as Summit Insurance Advisors represent your insurance needs.
Review Your Police Once a Year
Your insurance needs will likely change over time. The price of your home may change. Some of your valuables may. Remember to review your policy once a year, so you can adjust your coverage based on the current value of your home and possessions. Review any items that may be covered by riders to see if they still need to be covered by insurance. Talk to your insurance provider for more information about lowering your monthly premium. You may be able to reduce your payment without putting your home at risk. Contact the professionals at Summit Insurance AZ to learn more about signing up for Scottsdale home insurance.
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