Ways to Lower Homeowner Insurance Rates

money-house-252x250There are many factors that go into homeowner insurance rates. Here are some points to consider when purchasing coverage:

  • Location. If your home is in a densely populated area then real estate values and construction costs will be higher. This is turn will affect homeowner insurance rates.
  • Your Exposure to Risk. If you have a home close to brush, on a mountain top or near a body of water, your homeowner insurance premiums may be high due to an increased risk of wildfires, floods and/or mud slides.
  • Stricter building codes. After a major catastrophe like Superstorm Sandy or Hurricane Katrina, many local governments enforce stricter building codes as a preventative measure for future catastrophes.
  • Economic factors. Inflation affects everything we buy, including insurance. Interest rates and inflation can affect the value of the property as well as the building and contents of the home.

There are ways to lower premiums!

  • Having an alarm system installed can lower your homeowner insurance rate.
  • If you raise your deductible your premium may also see a reduction.
  • Another way to save money on premiums is to ask your agent about bundle packages. Many companies offer multi-policy discounts as well as buddle packages that lower rates.
  • Update your homes roofing material and retrofit older homes to make them more “earthquake resistant”.
  • Have your agent review the limits in your policy and the value estimate of your possessions at least once a year.
Property & Casualty 360, January 2015

Would you like an agent to review your Homeowners insurance policy? We’re here to help! (818)887-5952. info@tridentagency.net