7 Tips for Saving Money on Property Insurance

Posted on: 18 October 2019

Property insurance is important if you own a property and want to safeguard your investment. This type of coverage can help if your property encounters damage from vandals, fires or natural disasters as well as other situations. To keep costs as low as possible, keep these seven tips in mind. 

1. Consider a High Deductible

Whether you're buying property insurance or any other type of coverage, you pay insurance premiums on a monthly basis or as scheduled by your insurance company. Then, if you make a claim on the policy, you also have to pay a deductible. In most cases, if you opt for a higher deductible, you receive lower premiums in return. However, you need to choose this option carefully to make sure your deductible isn't unmanageable. 

2. Choose Dogs Carefully

Property insurance often covers expenses related to dog attacks, and as a result, your insurance agent takes dogs into account when determining your premiums. When buying dogs, look carefully at the breed and make sure your property insurance company doesn't charge more if you have certain breeds of dogs on your property. 

3. Limit Commercial Activities

Some property insurance plans only cover residential activities. If you do business on the property, you typically need to get a commercial policy which tends to be more expensive. To avoid that, limit commercial activities on your property. That said, if you do run a business on that property, make sure you get the right type of policy or you risk not being covered in the event of an issue. 

4. Explore Ways to Minimize Risks

Keep in mind that insurance companies set their rates based on the risk of making a claim. If you take steps to minimize risks, you may be able to lower your premiums. Some of the steps you may want to take include installing security systems, replacing insecure doors or windows, hiring security guards, putting in metal roofs to reduce fire risk, and adding fire suppression systems. Before making these changes, talk with your agent to ensure that you will receive lower premiums. 

5. Drop Unnecessary Coverage

Every once in a while, look over your policy and make sure that you're not paying for any coverage that you don't need. Then, contact your agent and adjust your policy as desired. 

6. Bundle with Other Insurance Policies

If you get property insurance from the same company as your vehicle insurance, business insurance, or any other policies, you may save money through bundling. Contact your agent to see if that's an option in your situation. 

7. Do Some Comparison Shopping

Keep in mind that insurance is a consumer product, and insurance companies are competing for your business. Annually or any time you receive an increase in your premiums, take some time to do comparison shopping to find out if you can get a better deal from another company. 

Share  

Mastering The Art Of Insurance Coverage

As a responsible adult, I feel like it is my personal responsibility to make sure that I provide my family with the financial security they need to enjoy their normal routine. Unfortunately, since you never know what kinds of obstacles are just around the corner, I started focusing on adding the right insurance policies to supplement my life. I wanted to write a website that would help other people to answer their own insurance questions, so I started looking into things. This website is here to help other people with their insurance questions. Check it out for great information that could help you.

Archive

Latest Posts