Tips to Keep Your Homeowners Insurance Low

Posted July 12th, 2010
by Staff (2 comments)

Homeowners insurance. It’s one of those things that you have to have. And while it’s a really bad idea to be without it, no one wants to pay any more than they absolutely need to. Of course, the average Joe has no idea how his insurance company comes up with the amount of coverage he needs, what kinds of coverage he should have, or the cost of his premiums. And most agents don’t bother to tell you. As long as you stroke the check, and they collect their commissions, they’re happy. What they generally don’t tell you is that there are some simple things you can do around your home that can lower the cost of your coverage. Here are a few of them:

  • Take out old wiring. If you have an older home, chances are the electrical has long since been updated. If it hasn’t, have a qualified electrician update it. Many times when new electrical wires are run, the old ones are simply left in place. Have someone who knows what they’re doing look at it, and pull out old knob and tube electrical wiring. Having it there can affect your premiums.
  • Make sure your pool or trampoline is fenced, if you have one. It doesn’t need to be anything extravagant, just something to keep the neighbors out. Even if you live in a safe, country neighborhood where you can count on your property being respected, unfenced pools and trampolines get dinged on insurance premiums.
  • If you have a fireplace or wood burning stove, store your firewood at least 30 feet from your house. Having a wood pile next to the house is a fire hazard and gets you charged more.
  • If your home had minor repairs needed when you bought it, such as broken glass or poor fences, let your agent know when you get them fixed. Many times this will save you a few bucks.
  • Trim your trees. Make sure no branches are touching your house, especially the roof. Large branches especially should be taken down. If you’re willing to give up the shade, removing all trees with branches overhanging the house will bring your premiums down, too.
  • Talk to your agent. He’s not likely to volunteer the information while he’s focused on getting the sale, but if you ask point blank what you can do to lower your premiums, he should be willing and able to tell you. If not, it may be time to find a different agent to do your homeowners insurance with.

Photo via di_the_huntress

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  • Posted July 21st, 2010 by Ruby Clifton at 8:52 am - Reply

    Very helpful tips indeed! It would be good for you, if you take quotes from 3-4 companies, and go for the one offering lowest rates. For this you do not need to do any legwork. All the information is readily available on the internet.

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