Home Insurance in Tyler, TX is a necessary expense, but it can be costly. In fact, according to the personal finance experts at Kiplinger magazine, the average cost of homeowners insurance rose by 5% in 2012. Luckily, there are several ways you can economize when you’re insuring your home. Keep reading to learn some smart ways to lower the cost of your premium when you’re insuring your home.
Bundle Your Policies
If your home and your vehicle are insured by different insurance companies, you could be throwing money down the drain. According to experts, bundling your policies can net a total savings between 10 and 20%. A phone call to your insurance agent could result in a pleasant surprise.
Improve Security
Like Commercial Insurance, home insurance is often lessened by beefing up security features. Homes that have added protection against burglary or vandalism are considered low-risk by insurance companies, so upping your home security can have serious financial benefits. According to the FCIC, simply adding dead-bolt locks to your doors can save you 5% on your Home Insurance in Tyler, TX, while more advanced installations like alarms can slash your costs by up to 20%.
Guard Against the Elements
If you plan on upgrading the exterior of your home, do so with weather-resistance in mind. Renovations like fire-proof siding, storm windows and steel roofing can lower your Home Insurance in Tyler, TX significantly. If you live in an area that’s prone to natural disasters like hurricanes or earthquakes, your savings will be even more substantial.
Raise Your Deductible
Raising the deductible on your Home Insurance in Tyler, TX is a fast, effective way to cut your expenses. In fact, the FCIC estimates that raising your deductible by $500 can save you up to 25% on your insurance premium. That’s a significant savings over the course of the year.
Seek Out Discounts
Insurance companies often offer a variety of discounts that can help lower your annual costs. If you’re over 55, you can often receive a senior discount. Other common discounts are often available for military personnel, work-at-home parents and non-smokers.
Home insurance can be a significant expense, but there are ways to reduce your costs. Ask your insurance company about the savings strategies discussed above and you may be able to save a significant amount of money each year.
