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How to Lower Your Homeowners Insurance

Lower your homeowners insurance in Prescott - Contact Mosaic InsuranceOver time, the average price of a home, like anything else, increases. It’s especially true if you own a home in Prescott. Your home and property gain value and the cost to repair and replace it also increases. Increasing costs apply to homeowners insurance. Over the past decade, homeowners insurance increased an average of 50% nationally. Mosaic Insurance has some tips on tweaking your policy and making some long-term investments, thereby keeping your insurance costs under control.

Boost your deductible.
A higher deductible will result in a lower premium, because you’ll have to pay more out of your own funds when a claim is filed. Be realistic; don’t find yourself unable to afford a critical repair because you can’t cover the deductible cost.

Reinforce the home.
Minimize the risk for fire and water damage; add storm shutters, reinforce the roof, update your utilities. If you live in high risk areas for hurricanes, seal your roof deck, reinforce and anchor your roof, floor and walls. Add approved gable ends and install hurricane-rated doors and garage doors. It’s a significant investment, but you’ll save money in the long run, and your home will be safer.

Reduce flooding risk.
You may be able to lower your insurance costs by installing proper flood openings, elevating your utilities above ground level, and elevating your home. If you live in a low to moderate risk area, consider adding flood insurance. A homeowner’s insurance policy does not cover damage caused by flooding.

Look for discounts.
When shopping around for insurance, ask an agent about discounts. Ask about a customer loyalty program or bundling your policies. Fewer claims keep your premiums low, too.

Eliminate unnecessary coverage.
Evaluate your policy and eliminate any coverage you no longer need. Take an inventory to be sure that your coverage is enough to replace your home and contents. In the event major damage occurs, you will want enough coverage to rebuild your home.  If you don’t have enough coverage, then you will need to pay out of pocket to rebuild your home and that could be extremely expensive. 

Remove old structures.
If you have other buildings on your property, you are probably paying for them on your policy. Remove buildings that aren't in use.

Decide carefully about making claims.
Claims can drive up your premium. A large number of claims could cause insurance companies to see you as a high-risk customer.  If it’s a minor claim that you can afford to pay for yourself, it could save you money in the long run.

Exclude land value.
Check with your agent to see if your land is covered by your insurance. If so, consider dropping it. You’re more likely to need coverage for your home, contents, and other structures on your property.  Always discuss with your agent before canceling anything.

Remove brush and trim trees around your house.
If you live in wildfire-prone area, create a defensive space; remove overgrown brush and accumulated wood and debris.  Take down any trees that are dead or dying.  They can fall and cause a lot of damage.

Improve home security.
Add hard-wired smoke detectors, burglar alarms, and deadbolts to your home. Check with your insurance agent first to be sure this will reduce your premium.

Consider toys and other safety hazards.
Trampolines, tree houses, pools, and other items can increase your homeowner’s premiums. Check your policy (they might not be covered). If your insurance company is charging you extra because you have a trampoline or pool - a huge liability, you may save some money by getting rid of it. If you have a pool and don’t want to get rid of it, consider safety fence.

Improve your credit score.
Your insurance company looks at your credit score. If you have bad credit, your premiums will be higher because your insurance company sees you as a high-risk customer. Reduce debt to income ratio and pay off those credit card bills.

Distance from Emergency Services.
Insurance companies may offer premium discounts for homes in close proximity to fire hydrants, fire stations, and emergency services. If your house catches fire, a fire department a half mile away will probably get their faster than one that is 12 miles away. 

Pay your bill in full.
Most insurance companies charge you fees for making monthly insurance payments. Pay in full at the start of the billing cycle.

Each home and homeowner is unique. Mosaic Insurance in Prescott would like to remind you that this is good time to review your policy and get in touch with your insurance agent before making any dramatic changes. To discuss your homeowners insurance, call 928-458-7374.

 

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