5 Ways to Save on Homeowners Insurance

Homeowners InsuranceEveryone is looking for ways to save these days. Whether it’s clipping coupons, buying on sale, or simply reducing your outgoing expenses, everyone is taking to heart the old adage of “a penny saved is a penny earned.” To help you reduce some of your costs and add to your growing savings fund, K. L. Owens and Associates LLC is going to offer you 5 tips on how to save on your homeowners insurance.

1. Raise Your Deductible

The deductible on your insurance plan is the amount that you will have to pay out of pocket towards a loss before the insurance policy will cover a claim. Most homeowners insurance policies require a deductible of at least $500. Raising that deductible to $1000 could save you up to 25% on your annual premium cost. With those kinds of savings, you could save up the $500 difference in your deducible cost from the reduction in your premium costs, and you’ll still come out on top due to the continued annual savings of 25% reduction in your premium.

2. Buy Your Policies In One Place

K. L. Owens and Associates LLC offers discounts to clients that have purchased more than one insurance policy through us. That means if we already carry your business insurance, switching your homeowners and auto insurance over to us will save you even more.

3. Make Your Home Stronger

Did you know that adding things like storm shutters, reinforcing your roof, or getting your home retrofitted to make it better able to withstand earthquakes can actually reduce your homeowners insurance? Also, modernizing your heating, plumbing, and electrical systems will reduce your risk of fire and water damage, which will in turn reduce your insurance costs.

4. Maintain Good Credit

We often check credit scores when we are offering a quote to a new client. If you have a solid credit history, then you will likely get lower insurance costs. To keep your credit in good standing, pay your bills on time, keep your credit balances low, and check your credit score on a regular basis.

5. Review Your Policy and Your Possessions

Make sure that your policy covers any high end possessions or home additions, but don’t carry more coverage than you actually need. For example, if you had a floater on that new, expensive computer you bought 4 years ago, reassess its value and either drop or change the coverage. As quickly as technology changes, your computers value has likely decreased significantly.

These are 5 great tips to help you reduce your homeowners insurance. For more tips or for a free quote, contact K. L. Owens and Associates LLC today.

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