7 Ways to Save Money on Homeowners Insurance
Waterfront homes at Hatteras Island on the Outer Banks of North Carolina
42.6%! That’s how much the North Carolina Rate Bureau proposed to increase dwelling property insurance across 2023 and 2024 due to losses from 2016 to 2020. So, homeowners insurance rates could increase by 19.6% in 2023 and 19.2% in 2024.
Although this decision is not final—last year, statewide increases for 2022 were negotiated from 24.5% down to 7.9%—it might be a good idea to take preemptive measures now.
Below are seven ways to decrease or avoid homeowners insurance premium increases.
Improve Safety and Security
This is one of the major factors insurers consider when setting your premium. The more secure your home is, the less likely it is to be burglarized or vandalized and suffer damage from fire or water. Which means you’re less likely to file claims.
Here are some ways you can make improvements:
Reinforce doors and windows.
Install a home security system.
Enhance exterior lighting.
Install smart home technology.
Secure fences and gates.
Install smoke and carbon monoxide detectors.
Safeguard against fire hazards.
Maintain the landscape to avoid hazards and potential intruder hiding spots.
Bundle Policies
Combining homeowners with auto, life, or health insurance often leads to discounted premiums. But how do you bundle up? Well, you can do it yourself by contacting your current insurer or a new one and asking about their bundling options. Or, you can let an independent broker do it for you and help you find the best combination of policies that suits your needs and gives you the most savings.
Increase Deductibles
Consider adjusting your deductibles based on your financial situation. A higher deductible means lower monthly premiums. Just be sure you can comfortably handle that out-of-pocket expense if you need to file a claim.
Maintain a Good Credit Score
Did you know your credit score can influence your insurance rates in some states, including North Carolina? Maintain a good credit score, and get lower premiums.
Take Advantage of Loyalty Discounts
If you use an independent broker, they can leverage their relationships with insurance providers to find loyalty discounts or retention offers.
Review Coverage Limits
Regularly review your policies to eliminate unnecessary or redundant coverage. This way, you can reduce your premiums without compromising protection.
Shop Around
This is the most obvious way to save money on homeowners insurance. Don't just settle for the first quote you get from your current provider or the one that advertises on TV. Compare different companies, different plans, different features, and different prices. You might be surprised by how much you can save by switching to a different provider or plan.
You can do all of the above yourself by going online or calling different companies and asking for quotes. Or, you can let us do it for you. Our years of expertise, relationships with 30+ providers, and local knowledge save our clients an average of $465 on their insurance premiums.
You can call us now and see how easily you can save money: 919-443-3300.
Or, you can book a FREE policy review here: https://www.mazprotects.com/policy-review-ultimate-guide.
