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Proudly serving Miami since 1977
Proudly serving Miami since 1977
(305) 595-2127

5 Ways to Save Money on Homeowners Insurance

Saving Money - Insurance Agency in Miami ML
One question that clients often ask is "how do you save money on home insurance premiums?" In the FAQ section of our site, we outline three key strategies: ask for discounts, bundle multiple policies (e.g. car insurance, business coverage, etc.) from the same insurer and raise your deductible.

Beyond those three essentials, there are several other steps you can take. Check out these tips.

1. Work With an Independent Agency

An independent agency looks at multiple policies from different companies to help you find the best coverage for your needs and your budgets. In contrast, an insurance specialist who works directly for an insurer is a little like a salesperson for that company. They can only sell you coverage from that particular insurer.

Ideally, you should look for an insurance specialist who specializes in or has experience with personal lines of credit. If the insurance specialist is exclusively focused on commercial policies, for example, he or she may not be able to find the deals and offers that a personal specialist can.

2. Protect Your Home From Fire, Theft, and Other Threats

Taking steps to protect your home from threats can also help to lower your premium. For instance, a seemingly small change like adding a deadbolt to the front door can lower some premiums by 5%, while an alarm system can bring down costs by 15% to 20%.

In addition to protecting against theft and vandalism, you may want to add a monitored fire alarm, hurricane shutters and even a generator. Many policies include coverage for loss of refrigerated items or other issues that may pop up when the power goes down, but if you have a backup power source, that gives the insurer reassurance that you aren't likely to make a claim related to loss of power and that can bring your rates down.

3. Make Sure You Aren't Over Insured

Your homeowners policy usually covers your home's structure, appliances, personal possessions and even your landscaping. It's critical to have enough coverage — you don't want to lose your house in a fire, make a claim and not have enough money to rebuild.

However, you also don't want to over insure yourself. The less you insure, the lower your premiums are. To that end, add up the value of items in your house and make sure that you don't have too much coverage for personal possessions; then evaluate the rest of your policy accordingly.

4. Choose Your Canine Carefully

There is also a liability element to most homeowner’s policies, and that coverage kicks in if someone gets hurt on your property, including situations where someone gets bit by your dog. Dogs bites are a surprisingly common claim on homeowner’s insurance policies, and because of that, some insurers are reluctant to insure big, muscular dogs, such as Doberman pinschers.

Before buying a dog that has a reputation for being a little "scary", you may want to check with your insurance specialist and see how that's going to affect your premiums.

5. Consider a Long-Term Relationship

The longer you are with an insurer, the more you can save. Most insurers lower rates if you stick with them for several years. That said, you may still want to do a bit of comparison shopping each year to see if you can find a less expensive policy that offers the same coverage.

An independent insurance specialist should be able to help you figure out if it's more cost effective to jump to a new carrier or stick with your existing insurer in hopes of a discount for being a long-term valued customer.

Ready to save? Then, let use help you find homeowner's coverage. At Koski & Co, we also connect our clients to insurance plans for boats, flood, wind and a range of other personal and commercial types of coverage.