Sometimes it’s a mystery why your homeowners’ insurance premium rises. Some people think that any claim can cause your insurance premiums to bump up when there are actually reasons for those premium increases, and there are also ways that you can offset them.
- Certain kinds of claims can cause your premiums to increase. Dog bites, injury accidents that occur on your premises, and water damage can signal that you are at higher risk of filing more claims than the average homeowner. Unfortunately, some of these claims can also lead to the loss of your homeowner’s policy.
- Just living in Florida means that you may pay a very high premium compared to the national average. Frequent hurricanes and tropical storms can cause damage to a home either through wind and hail, or flood damage.
- A poor credit score can affect your premiums. Paying your bills late or accumulating a lot of debt can signal to an insurance company that you are either in financial trouble or living beyond your means.
- High risk extras such as swimming pools, skateboard ramps, trampolines, treehouses, and even a jungle gym or swing set for the kids can hike your premiums and may require additional liability insurance.
- Just as your health insurance premiums comprise as you get older, so can homeowner’s premiums. That great historic home can have some real historic problems when it comes to the electrical system, plumbing, or deferred maintenance that has been spiffed up with a coat of paint. If you’re looking to undertake major renovations, you may want to consider a builder’s risk policy
And now let’s look at some ways to bring your premiums down:
- If you have a dog, getting a canine Good Citizen certificate from the AKC can help you keep or premiums on your homeowners insurance. Some homeowners associations will not accept anything less than this doggy diploma to even let you in the door.
- Improving your home security system doesn’t just mean adding sophisticated sensor sprinkler systems, infrared cameras and cloud storage for video. Even adding simple improvements such as smoke detectors and deadbolts can shave off the dollars.
- Living in hurricane country means being prepared, and preparing your home in advance of a hurricane sure beats repairing your home in the aftermath of one. Adding storm shutters, improving your roof, and even doing tree work can improve your rate and your chances of coming through the storm.
- Consider a higher deductible. The deductible is what you have to pay out of pocket before your insurance starts picking up the tab. However, you don’t want to take such a high deductible that you won’t be able to pay.
- Bundle all your insurance together. Keep your homeowners, auto, life, and other policies all with the same company and through the same agent. Very often discounts are available for putting all your eggs in one basket.
Talking with an experienced agent at Pallant Insurance can help you find workable solutions to all your insurance questions.