Four ways to lower your home insurance premiums
Here are four proven strategies to lower homeowners insurance rates :
1. Increase the security of your home
Home security systems, smoke detectors, and fire alarms increase safety by alerting homeowners and first responders to adverse situations. Insurance companies compensate for such precautions in various ways, including offering discounts.
Security systems range from individual devices, such as motion sensors, to Internet-enabled whole-house systems. Because there are significant differences in detection and alert devices, check with your insurer before purchasing a system to see if it meets the necessary requirements.
2. Improve your home’s disaster preparedness
No house is catastrophe-proof, but it can be much more resistant if you prepare it to withstand storms and other external adverse factors.
For example, using fire-retardant materials in patios and gardens, reinforcing the roof to withstand heavy snowfall, improving roofing materials to reduce the risk of leaks, and installing storm-resistant windows to protect windows from high winds all contribute to mitigating the risks of damage. Improving homes to withstand earthquakes can further reduce insurance premiums.
Upgrading heating, plumbing, and electrical systems to current codes help reduce the risks of water damage from failed pipes or fire from electrical failures. Installing a sprinkler system throughout the house could further reduce fire risks.
For new homes, choosing the right building materials (such as cement board or metal roofing) can lower risks and lower insurance premiums. But keep in mind that if your chosen materials increase the cost of rebuilding, you may lose any savings on insurance premiums. Check with your insurer before choosing materials.
3. Look for discounts on home insurance
Insurance companies offer many benefits that you may not even know you can take advantage of. For example, Nationwide members can save by combining insurance policies such as renters or homeowners policies with life, auto, boat, or motorcycle insurance. You can also save more based on your claim history.
4. Check your policy annually
Life events or improvements you make to your home may be for discounts or create new eligible policy needs. Endorsements for such things as home office equipment or expensive belongings, including oriental rugs, grand pianos, or jewelry, may not be necessary if those items are no longer in your home. Free consultation about your policy can help you not only to know what is covered by the said policy but also to determine if your needs are contemplated.
Talk to an agent about possible home improvements, security products that can lower your insurance costs, and your eligibility for discounts.
Product, coverage, discounts, insurance terms, definitions, and other descriptions are intended for informational purposes only and in no way replace or modify the definitions and information contained in individual insurance contracts and policies and/or the statement pages of Nationwide’s affiliated underwriting companies, which are normative. Such products, coverages, terms, and discounts may vary by state and exceptions may apply.