Owning a home is often an expensive endeavor. Besides paying a mortgage, you often have other expenses including repairs, remodeling projects, property taxes, and utilities. One more expense to add to the list is homeowners insurance. This cost varies from state to state. Some states average hundreds, while others average thousands. Colorado tends to have an average of around $1,200 a year.
But whatever the cost, homeowners can pay less for homeowners insurance. Discover four ways to do just that.
1. Beef Up Your Home Security
If your home gets broken into and burglarized, your home will likely have damage. Burglars might also steal valuable personal belongings. In order to fix the damage and replace the value of your belongings, you will need to file an insurance claim. When you file a claim, your home insurance premium will likely increase.
For this reason, you will want to ensure that a burglary does not happen in the first place. One way to do this is to install a home security system. Homes that do not have security systems are 300% more likely to get broken into.
Besides preventing a burglary, installing a high-quality security system can reduce your home insurance premium by up to 20%. Systems that contain a security camera have the best chance of helping you save money on homeowners insurance.
When shopping for a home security system, you should also consider one that alerts you to certain environmental dangers, such as fires, flooding, and carbon monoxide.
2. Increase Your Deductible
When you file a claim, your deductible is the amount of money you pay before your home insurance coverage kicks in. If you are like most homeowners, you probably want to pay the least money possible when filing a claim. For this reason, homeowners choose to have a lower deductible.
However, if you feel comfortable increasing your deductible, you will decrease your homeowners insurance premium. If you have a $500 deductible and increase it to $1,000, you could reduce your insurance premium by at least 20%.
Keep in mind that, in most cases, the only way to save money is if you increase your deductible without filing any claims. If you think you will be able to go without making a claim, increase your deductible so that you can decrease your premium.
3. Decrease the Chances of Damage to Your Home During Disasters
One might not think of Colorado when thinking about natural disasters. While this state certainly usually does not get catastrophic hurricanes, Colorado does get floods, tornadoes, and fires. Colorado is also prone to hailstorms. According to a recent report, Colorado had the second highest number of insurance claims in the country due to hailstorms.
Doing everything you can to protect your home from receiving damage in a hailstorm can help you pay less for homeowners insurance. Some ways to protect your home from hailstorms include:
- Invest in hail-resistant roofing. Modified asphalt shingles or roofing that contains resin, aluminum, or copper offer the best protection against hail and other kinds of extreme weather.
- Install storm shutters. Hail can cause serious damage to your windows, which means you should install storm shutters to prevent them from breaking in case of hail and high winds.
- Protect lawn furniture. Homeowners insurance covers damage to personal property, including lawn furniture. Building a special storage shed or carport for your lawn furniture will ensure its protection in the event of a storm.
Other ways to protect your home from natural disasters include having a sump pump in your basement or crawl space, installing a bracing kit in your garage door, applying a fresh layer of caulk around your windows and doors, hanging heat-resistant curtains, keeping the gutters clear, and trimming your trees.
When you do everything you can to prevent damage to your home, you will lessen the chances of filing an insurance claim. This means you will end up paying less for homeowners insurance.
4. Shop Around for Homeowners Insurance Quotes
You should never get homeowners insurance from the very first company that you call. Talk to insurance agents from different companies. Besides getting a quote for homeowners insurance, you can ask them how they would be able to lower your costs.
In order to provide the best service possible, an insurance company should want to work with you and help however they can.
If you live in Colorado, one insurance company you will want to contact for a homeowners insurance quote is L.A. Insurance. We serve customers in Denver, Colorado Springs, and the surrounding area. Our company provides low insurance premiums for homeowners and offers the best possible coverage regardless of your location. We look forward to speaking with you and answering all your homeowner insurance–related questions and concerns. Call us today to learn more about our services and products.