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6 Little Known Ways to Save on Your Home Insurance

Insuring your home is important if you want to protect against the possibility of a fire, burglary, or other types of damage. While this type of insurance policy can cost as much as a thousand dollars a year or more, you can lower the premium significantly if you complete one or more of the following strategies.

1. Choose Your Location Wisely

The location of your home is always an influencing factor when it comes to your insurance policy. Some cities are simply safer to live in than other towns. Insurers take into consideration the likelihood of vandalism, burglary, and theft when determining the cost to insure your property. Two factors that can help you to reduce your premium include choosing a home in a gated community or near a fire or police department.

2. Update the Electrical System

Older homes that still contain the original wiring system are more likely to experience a fire than newer homes. If you have a licensed electrician upgrade your wiring system, you could see a decrease in your insurance premium.

3. Update the Roof

A new roof can lower the cost of your homeowner's insurance considerably. If your roof is more than 15 years old, your premium could see a significant decrease when you buy a new one. Today's roofing styles offer enhanced resistance against damage, protecting your home at a higher level than previous versions. If you choose a roof offering the highest level of protection against damage, you are likely to see an even bigger reduction in your insurance premium.

4. Update the Plumbing

Newer plumbing is less likely to experience a problem than older plumbing. If you've recently replaced outdated plumbing, make sure that you let your insurance agent know.

5. Get Rid of the Fireplace or Woodstove

Having an active fireplace or woodstove increases the cost to insure your home. Therefore, if you remove the woodstove or close the fireplace, you can expect to see savings on your insurance bill.

6. Ask for a Credit for Not Having Any Claims

Although this credit might be added automatically, it does not hurt to ask for it. Homeowners who haven't put in any claims against their insurance policy are likely to save on the cost of their premiums, particularly if it has been ten or more years. Keep in mind that some insurance companies might not offer this type of discount.

Many insurers offer discounts on homeowner's insurance if you also obtain your other policies with the same company. Other discounts are available if you ask for them or if you complete certain upgrades for your home. If you want to lower the cost to insure your home, ask your insurance agent what options you have.

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