How Homeowners Insurance Can Cost Less

Home ownership comes with many responsibilities and expenses. Repairs for everyday wear and tear, taxes, and general upkeep can amount to significant cost. On top of that, homeowners insurance policies, while being a necessity, can add to amounts owed. Taking a few simple steps can help you enhance your home’s safety and save money on your homeowners policy. Here are a few points to consider:

1. Increase Your Deductible. Your deductible is the amount you will pay before Electric Insurance will begin to pay for your loss. Usually, a $500 deductible is recommended as a base minimum, but raising that amount to $1,000 can help you save up to 25%.

2. Total Account Savings. Buying both an auto and homeowners policy from Electric Insurance may qualify you for a 5%–15% discount on one or both policies.

3. Disaster-Proof Your Home. Take the necessary precautions to protect your home against severe weather patterns of your area. For example, if your town is susceptible to windstorms or hurricanes, consider installing storm shutters. 

4. Buildings Only. Any land associated with your home should not be included when assessing the amount of insurance needed. Combining the two may result in higher premiums. Structures on your property that are not attached to your home are automatically provided limited protection under Coverage B: Other Structures, as seen on your policy declarations page.

5. Add Safety Features. Smoke detectors and a burglar alarm may save the lives of you and your loved ones, and they may also save you as much as 5% on your insurance bill. Sprinkler systems and high-end security systems may save you between 2%–13%.

It is very important to have full and thorough coverage against loss to your home, but it doesn’t have to cost you an arm and a leg. Do some research and consider adding additional safety features. You may be surprised at just how much you can save.