5 Ways to Save on Homeowner Insurance

Can you save money on your Homeowner Insurance?

You know your home, inside and out, better than anyone. This is why you should tell your insurance agent when you make changes or upgrades to your home. Some changes could make a difference on your yearly premium. We at Hooper Insurance work for our clients, not the insurance companies. Our clients deserve to know how to reduce their insurance premiums without lowering coverage or increasing deductibles.

5 ways to save on your Homeowner Insurance:

Bundling Auto + Home (or Renters)- Most carriers offer a discount for bundling an auto policy with a homeowner policy. The savings can vary, but most companies offer between a 10-30% discount. Don’t worry, if you are a renter you can bundle a renters policy with an auto to still get the bundle discount. Usually, the renters policy discount isn’t as high, but it will still lower your premium.

Home Improvements- Not every update you make will save you money on your insurance, but there are improvements that will. Replaced your roof lately? Make sure to let your agent know. Even if the insurance company pays for you a new roof make sure that your agent updates it on your policy. That new roof could shave a good amount off your premium. Be aware each year that the discount will decrease as the roof ages. Say you own a 1930’s home and update the electrical and plumbing. Both of these things can get you discounts with most companies. Some insurers even give discounts when your a/c units and hot water heaters are replaced. Always let your agent know when you have done any major updates to your home. It could save you hundreds.

Security System- There are many different types of security systems. Some are monitored and others are not. With so many types of security systems the discounts vary by company, but it is always worth inquiring with your agent about any home security system in your residence. Click>>> “Here to see the top 5 security systems“

Retired Discount- Some companies give a discount for being retired. This is due to someone being at the residence a greater amount of time during the day. Age restrictions can apply to make sure to ask your agent how old you have to be to get the retired discount (65+ is common).

Credit Rating- Yes, that’s right, your bad credit really does affect everything. Having poor credit can negatively affect your insurance premium. Most major insurance carriers partially base their rates off a person’s credit score. If you have major credit issues, liens, or a bankruptcy some companies will not write the policy. Other companies may write the policy, but will charge you a much higher rate. There are many variables to this and your savings may vary by company, but it is worth your agent checking every couple of years. Click>>> “Here to learn more“