Homeowner’s insurance is all about risk. How likely is the person to file a claim? Based on specific criteria, a level of risk is determined and premiums assessed accordingly. Steps can be taken to reduce the amount of risk the provider must carry, which results in lower premiums.
Be Willing to Take on More Risk
One way to reduce the amount of risk the provider has is by taking on more yourself. How do you do that? By carrying a higher deductible. If you must pay out more, the provider assumes you will be more careful and take extra precautions to prevent damage to the home. Of course, there are some things beyond your control, but as far as you are able, you will protect your property.
Work to Get the Discounts
Home insurance providers give out discounts when you have equipment and systems in place to protect your home. This includes smoke detectors, carbon monoxide detectors, security systems and more. Burglar alarms as well as deadbolt locks can help you save five percent or more off your premiums. Taking extra steps to protect your home and prevent damage will show in the amount you can save each month.
Prevent Water Damage
Flooding or water from leaks can cause thousands of dollars’ worth of damage. It not only impacts floors and walls but the structure. To prevent issues, inspect your plumbing and roof regularly. Turn off the water to the house when you’re gone on vacation if you’re worried about potential issues.
Fire often causes major damage and is one of the causes for the highest claims. Kitchens are the most common areas for fires to start, so keep a fire extinguisher on hand. Make sure all appliances are working correctly, and unplug anything you can. Don’t leave you stove unmonitored or leave the home while the oven is on.
Take Care of the Roof
In areas like Utah where you can get heavy snows, you must check your roof regularly. Remove snow promptly from the roof before the weight wears on the beams. As snow melts, it can penetrate any weak areas, causing leaks. You also need to make repairs to shingles, flashing and other areas as soon as you notice they are worn or damaged. If left untreated, water can get into these areas and cause more problems.
When replacing the roof, consider fire-resistant materials that are designed to last. Certain materials are better able to handle hail and other debris that can cause damage.
When you reduce the risk of damage to your home, you enjoy the benefit of lower premiums. To reduce that risk, you can take several steps that will protect your property from fire, wind, hail, snow and water. If you make these changes, you’ll see your premiums go down. An added bonus and the most important benefit is that you’ll feel safer in your home, and you’ll keep your family safer. That’s worth the effort you put into making these changes.