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3 Unexpected Ways To Save On Homeowners Insurance

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We all like to save money, especially on insurance premiums. However, you may be missing out on lesser-known credits that can trim your homeowners insurance premium by up to 25 percent. In this episode, we break down three unexpected ways to save on your homeowners insurance.

1. Living in a gated community and/or being part of a homeowners association.

Gated communities are difficult targets for thieves because they provide an extra layer of security. If you live in a gated community, talk to your insurer about a discount; you may save anywhere from five to 20 percent.

Homeowners associations often provide similar perceptions of higher security and have strict property maintenance standards. Both of these are appealing to insurance companies. If you're  part of a HOA and not currently receiving a discount on your homeowners insurance, talk to your agent. You may save an additional 5 to 10 percent on your premiums.

2. Making upgrades to your home.

Did you know that home eletrical problems cause 67,800 home fires and $868 million in property losses in a typical year? Upgrading the wiring in your home makes it safer, and it may save you 10 percent on your homeowners insurance premium.

If you're considering more upgrades to your house, you may be eligible for a renovation credit, which may save you up to 25 percent. Talk to your insurance agent before you begin renovations for advice on maximizing insurance savings.

Compromised roofs are also concering to insurance companies, as the damage costs on a home insurance claim can increase dramatically. Upgrading to an impact-resistant roof may get you a tax deduction and a savings of five to 10 percent on your premium. Contact your state's department of insurance for more information on impact-resistant UL 2218 standard roofing material.

One additional low-cost upgrade can save you money: installing high-tech gas and water sensors. These sensors may qualify you for a five to 10 percent savings on your premium.

3. Not making claims.

This one may not surprise you: by making fewer claims, your insurer keeps more money in their pocket. As a result, the insurance company may reduce your premium. You may also save more money over time by making minor repairs or replacements yourself, as the increases to your premiums can sometimes surpass the actual cost of small repairs. If you've been claims-free for 10 years, you may qualify for a 20 percent discount. This is a newer discount, so talk to your insurance agent to see if your company is offering it.

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