On average, property owners pay close to $1,100 in homeowners insurance premiums every year. Given how expensive homeowners insurance can be in the long-term, you want to be sure that you’re getting as much value as possible out of your plan. To get started, here are three cost-effective ways to get more value from your homeowners insurance plan.
1. Cut Back on Unnecessary Coverage
Look, we understand that the whole point of homeowners insurance is protecting you financially in the event of unexpected damages. However, this doesn’t mean you need to pad out your homeowners insurance policy with unnecessary coverage. In some cases, you can get more out of your plan by trimming the number of defined payout scenarios and expanding your coverage for high-risk claim events.
2. Know Your Plan Before Experiencing a Claim Event
Having a thorough understanding of your plan’s coverage and claim conditions will help you negotiate lower premiums and more advantageous claim event payouts. We realize that homeowners insurance policies are long and legally complex documents; to get started, try reading through the policy disclosure report and contract clauses sections of your policy.
3. Prepare Your Property For a Homeowners Insurance Inspection
After you receive a quote, homeowners insurance providers use home inspections to check for structural liabilities and to evaluate the condition of key property features. Depending on the inspector’s findings, your homeowners insurance premiums can be increased, decreased, or stay the same. To prevent a hike in your premium rate, we recommend that you pre-clean your roof and gutters, check your window frames for cracks, and trim back any overhanging branches.