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If you haven’t looked at your homeowners insurance policy lately you’re not alone.
Just over half (56%) of the respondents in a recent Travelers Co. survey said they check their homeowners’ policy at least once a year.
That means many people are “missing out on ways to save,” Angi Orbann, second vice president of personal insurance at Travelers, told the Wall Street Journal.
According to the most recent figures available from the Insurance Information Institute, homeowners paid an average annual premium of $1,096 in 2013, a 6% increase over 2012.
Reviewing your policy and taking steps to reduce risk could cut thousands of dollars from your premium payments over the life of the policy.
Here are a few ways to save on your homeowners premiums:
- Bundle insurance policies with the same carrier. Customers can get discounts up to 25 percent less for pulling home, auto and other policies together, than buying those products from multiple carriers.
- Consider costs before you select a home. You might save on insurance if you purchase a house that is close to a fire station or has a new electrical or plumbing systems.
- Installing security systems may also qualify for premium discounts.
- Ask about discounts. Home improvements including updates to the roof, windows, electrical or plumbing systems, may qualify you for a premium discount.
- If you do renovate, don’t forget to notify your agent.
Remember, rates vary widely based on geography and the type of home being insured, and not all discounts are available from all insurance carriers.
For more guidance on homeowners insurance and how it can help protect your assets, contact a Chivaroli Premier Private Client Advisor.