How to Lower Your Home Insurance Premium without Coverage Reductions

As a homeowner, you’re likely well aware of just how important home insurance is. It’s an essential safeguard against the unforeseen, but despite all that peace of mind it can still feel like a financial burden — especially in the face of rising premium costs throughout the region. Fortunately for you, there are methods for you to strategically lower your home insurance costs without sacrificing the protection that you need from your policy. Today we’re going to give you the rundown on four of the best ways to do just that, helping you to find the perfect blend of affordable but quality coverage.

One of the easiest and most effective ways to lower your premium is by bundling your home insurance policy with other policies. Instead of shopping for the various types of insurance you need separately, you can bundle them together to unlock discounts that many insurance companies provide for bundling. As with any company, insurance companies value loyalty but also want to incentivize bringing in more business. It’s a win-win for customer and insurer, as they get more business than they might have otherwise, while you pay less for each type of insurance you bundle together.

While these discounts can vary from company to company and type to type, bundling things like home and auto insurance together could help you to qualify for multi-policy discounts that could save you anywhere from 10 to 25 percent on an annual basis! As our name suggests, at Glover Family Independent Insurance we are independent agents, which gives us the freedom to work with a wide range of insurers. We can help you shop around for the best bundling options and maximize your discounts and coverage.

If you’ve dealt with multiple insurance companies and agents in the past, then you’re probably very aware that they’re not all created equal. It’s incredibly important for you to choose the right agent — one that you can trust to find the right policies to fit your needs and budgets, rather than pushing cookie-cutter policies just to take advantage of your business.

While we’re obviously a little biased, we know any one of our employees could be the right agent for you. Given the Glover family of businesses’ background in both the automotive and insurance industries, we have unique perspectives and insights to provide you the best home and auto coverage we can get you. We strive to educate our clients, uncover hidden savings and advocate for your best interests, rather than just selling policies and moving onto the next customer. By working with Glover Family Independent Insurance, you aren’t just getting a policy — you’re getting a partner who genuinely cares about protecting you, your assets and even your bank account.

While they might not seem related at first glance, investing in your home’s security does a lot more than just protect you from burglaries or accidents. Insurance companies operate on risk assessment, and beefing up the security of your home naturally lowers the risks in insuring your home. A lot of insurers will, in turn, reward you for taking steps like this, as your home is now much less likely to incur claims. Here are a few key examples of cost-effective security upgrades that you should consider:

• Install a monitored alarm system, which can alert authorities to danger in real time
• Add smoke and carbon monoxide detectors, which ensure faster response time to emergencies
• Upgrade locks and windows, as modern options are tamper- and impact-resistant
• Consider smart home technology, as they’re able to monitor for subtle things like gas leaks, temperature changes and smoke

As with anything, the amount of discounts you can earn will vary from company to company, but you could expect to save anywhere from five to 10 percent annually. Plus, a welcomed side effect is that these upgrades will also increase the resale value of your property, while also likely allowing you to sleep a little more soundly at home.

Making sure that your deductible is manageable within your budget is incredibly important. Your deductible is the amount you pay out of pocket when claims arise before your insurance actually kicks in. It is actually one of the most significant factors influencing your premium, as the smaller it is the more your monthly premium will be. If your budget allows you to opt for a higher deductible, you can in turn lower your monthly premium by quite a bit. You have to understand the tradeoff between these two things, though, so let us give you an example.

• Option A features a deductible of $500, while Option B has a deductible of $1,000
• Option A might require a monthly premium of $200, while Option B only requires $150
• In the event of a collision that costs $3,000 to repair, Option A will require you to pay $500 and insurance will cover the rest of the costs, while Option B requires you to pay $1,000 before their coverage kicks in.
• As you can see, you’re paying $50 less per month, but your out-of-pocket costs in the event of the collision are doubled.

Generally speaking, increasing your deductible could save you up to 25 percent annually on your premiums, but you could potentially be on the hook for more money in the event of a collision. Choosing the right deductible for you requires carefully balancing your budget. We would be happy to help you evaluate all of your options and find the right deductible for your situation. Just give us a call to get started!