Of all the different types of insurance most people are faced with buying, homeowner’s insurance is the one that the vast majority chooses to purchase. The reason should be obvious. For most West Virginians their house is their most valuable asset and they want to protect that asset.
And well they should. However, there is no reason to pay more for your homeowner’s insurance than you have to – and if you can implement one or more of the following suggestions you should be able to save potentially hundreds of dollars each and every year on your homeowner’s insurance.
Start by making your property safer. Remember, the possibility of accident-inspired lawsuits is part of your premium; if you can reduce that possibility you should be able to reduce your premium – so let your agent know about any improvements you make to your home or property.
Start by filling in any potholes on the property. Replace any cracked or buckled concrete. Replace or repair any lose or broken boards on porches or decks. Make sure all rails are secure.
Another portion of your premium covers potential loses from burglaries. Making your home less attractive to burglars should also reduce your premium. Install motion-detecting floodlights. Cut bushes away from windows. Put deadbolts on every exterior door. Make sure all windows, even upper floor windows, have a working lock.
The most common claim made against homeowner’s policies is for water damage caused by a broken waterline or by an old connection to an appliance. Talk to your agent and see what savings you could realize every month if you were to make a one-time investment in upgrading your plumbing and/or electrical system.
A home protection system that monitors your home 24/7 can be an excellent investment. Not only can it provide peace of mind to you and your family, many such systems can also save you 20% or even more on your monthly homeowner’s insurance. Talk to your agent first, though, since not every system qualifies for the full 20% discount.
If you have a home-based business a portion of a home protection system may be tax deductible. A tax savings on top of a reduction in your homeowner’s insurance could make such a system even more attractive.
Install fire and smoke detectors throughout your house and make sure each unit has a fresh battery twice each year. Buy a kitchen-rated fire extinguisher for your kitchen.
Pay your premiums yearly rather than monthly. If you cannot afford to pay yearly then set up an automatic payment out of your checking account on a monthly basis.
Consolidate all of your insurance policies with the same company. This will give you a Multi-Policy Discount on your homeowner’s insurance.
Increase your deductible. The larger your deductible the smaller your monthly premium. But don’t go overboard since you will be asked to come up with your deductible in cash if you should ever file a claim.
By the way, don’t make a lot of small claims against your homeowner’s policy. The longer you go without making a claim the lower your rate will be with some companies. See if you qualify for this discount.
Buy your homeowner’s insurance over the internet. Online policies cost less than policies bought from a brick and mortar agent. Don’t think that all you need to do is compare prices on just 1 website, however. If you are truly serious about finding the absolutely most affordable homeowner’s insurance in West Virginia then you’ll have to fill out the form on at least 3 different price comparison websites.
You’ll also need to be careful that you fill in the same information on all 3 sites, otherwise your “comparisons” won’t mean much.
Once you’ve compared prices on a minimum of 3 different sites then your job is almost complete. All that’s left is for you to decide which companies you feel confident will still be around 30 years from now and then choose the lowest-priced policy from among those insurance companies.