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5 Ways New Homeowners Can Save On Insurance Premiums

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With the down payment, closing costs, moving expenses and taking care of any pressing repairs, new homeowners are already maxed out financially. However, insurance is one area that can be managed through targeted choices and home updates. Here are five ways homeowners can save on insurance premiums:

1. Consider Your Coverage and Deductible

While being underinsured can be disastrous if problems arise, being overinsured is like throwing money out the window. Consider carefully the amount of coverage you really need. If your area is not prone to earthquakes or flooding, you may not need these types of coverage. Take the time to assess the true value of your belongings as accurately as possible; avoid paying for unnecessary "floaters" on your policy; floaters refer to extra coverage for items that aren't covered in the standard policy. Assess your deductible as well; the higher the deductible you can pay, the lower your premiums will be.

2. Shop Around

Make sure you're getting the best great rate by asking friends and family members for recommendations and getting numerous quotes online or by phone. Make sure the company you chose does not have lots of consumer complaints against them. An independent agent can do the shopping for you. 

3. Home Security

A home security system can bring peace of mind to you and your family; it can also lower your homeowner's insurance premium costs. Add quality deadbolt and window locks as well to help maximize the security of your home.

4. Fireproofing Updates

Specific upgrades to your home can make it less prone to fire, which can in turn help to lower your home insurance premium costs. If your home's electrical system is outdated, consider updating the outlets and wiring. Add smoke and heat detectors. Many home security systems also include fire protection. Check with your insurance provider for a list of recommended updates to help lower your premiums.

5. Consolidate

Lastly, many insurance companies sell multiple kinds of insurance besides just homeowners policies. If you purchase auto insurance with the same company, many will give you a discount on the combined policy. However, you'll want to verify first that this will indeed be cheaper than purchasing separate home and auto insurance policies from two separate companies.

Buying a new home is an expensive prospect, so you'll want to take steps to save money however you can. Use these five tips to pay less on insurance premiums and have more cash left over to make your home the best it can be. Consult with professionals, such as Appomattox Insurance & Financial Services Inc., with any further questions you might have.