Having property insurance is often necessary if you want to protect your wallet when there is major damage to your property. In the meantime, though, it can be bothersome to pay a high property insurance premium, especially if you think your chances of ever actually using the coverage are low. If you want to save money on this recurring expense, then you should first consider increasing your deductible. You also should think about adding safety features to your property while eliminating risks. You also may want to ask your agent about discounts that may apply to you, especially if you have other policies with the provider or have never made a claim.
One of the simplest ways to reduce your property insurance premium is to increase the deductible, because the higher it is, the lower your premiums typically are. The deductible is the amount you pay when you make a claim, and you usually have to pay it before any work is done to fix the damage. If you never make a claim, then you never have to pay the deductible, while you will likely always have to pay premiums to keep your coverage. Therefore, increasing the deductible until the premium is a little more affordable can be a good move — to a point. You should be sure not to go to the opposite extreme and raise the deductible to an amount that you would never be able to pay when making a claim; instead, you should find a compromise that lets you afford both the premiums right now and the deductible in the future.
Among the best ways to affect your property insurance premium is to consider the features in your home. For example, you can usually lower the price of premiums by adding a security system, a security door, new fire alarms or other safety features. Improving the wiring or roof can make fires or storm damage less likely, which also may reduce the premium. Avoiding certain features can be just as important as improving aspects of your home. For instance, having a pool or trampoline in your backyard or a large tree that leans toward the house in the front yard can be considered risky, which is why it is helpful to avoid them to bring down your property insurance premium.
You also should ask your home insurance provider about discounts that may apply to you, because most people are eligible for at least a few. One example is the ability to save a percentage of your costs when you combine your property insurance policy with other types of coverage, such as car insurance or life insurance. If you are a senior citizen, have been with the provider for a long time, or have not made a claim in several years, then you also are likely to get discounts on your property insurance premium. You should ask your agent about the discounts for which you may qualify.
