4 ways to manage your home insurance costs
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It’s essential to have homeowner’s insurance when you own a home. When you get a good price on your home insurance, it only makes sense that you’d want to hang on to it.

While some reasons for home insurance increases are beyond your control (for example, if there’s an increase in bad weather events or break-ins in your area), there are a few things you can do to keep your rates down.

For the most part, reducing risk is going to go a long way in helping to reduce claims. Here are four more tips to consider:

1. It’s all about prevention

There are several preventive measures you can take around your home. Things like installing a sump pump and/or a backflow valve can help keep water damage at bay. So can clearing debris from eavestroughs and downspouts on a regular basis. You might also consider installing a good security system, and of course, smoke and CO2 detectors are a must.

Home upgrades or improvements are also another great way to help lower your insurance costs. Some of the best upgrades you can do to your house are:

  • Updating the roof if your current one is aging.
  • Replacing old electrical wiring with copper wire which is less likely to cause a fire.
  • Change plumbing pipes to copper or PVC to prevent buildup or corrosion.
  • Heating your house with electric heat or a gas furnace is safer and can last longer.

TIP: While you may want to 'do it yourself' to save money, there are certain jobs that are best left to the professionals. Get the most out of your renovation by bringing in qualified trades people who can help you select quality materials and install them properly.

2. Think carefully about adding a pool to your yard

A pool increases the overall cost to rebuild your home if there’s a total loss. They also come with increased liability risk with the potential for slip and falls on wet surfaces and drowning or, can attract unwanted attention from trespassers. This can all affect your premium.

How much does a pool raise your insurance? The costs can vary based on the size, type, and value of the pool you have. Limits can also affect how much you pay. You can probably expect to pay anywhere between $25-$75 more per month1 to insure a pool.

3. Increase your deductible

This is the amount you pay if you make a claim. Raising your deductible just a few hundred dollars could save you a lot of money. This can help bring your premium amount down, but you should only do it if you think you can manage it financially should you ever have a claim. By carrying a higher deductible will likely be more affordable to pay more of the cost of a minor repair than to pay a higher premium over time. Check out Home Insurance 101: Deductibles to learn more.

4. Small claims can make a big difference

Not making claims is a great way to cut the cost of your home insurance. If a claim is small enough, consider paying a qualified professional to complete the repairs. Think of it this way – your insurance is there to help you cover costs when you’re not able to. If the claim pays out little more than your deductible, it’s probably not worth risking the possible increase in your premium.

While the list above shows some of the most common ways to save money on home insurance, here are some more quick suggestions that could allow you to reduce your costs:

  • Bundle your home and auto insurance with the same insurer.
  • Buy a newer or newly built house.
  • Pay premiums yearly instead of monthly.
  • Allow for a credit check – better credit could equal more savings.

Are you ready to start saving more on your home insurance? Learn how you can purchase or manage your home insurance with us.

Protect your home and the things you love most. Pools And Insurance : What You Need To Know