Home Matters
Lowering the Cost of Homeowners Insurance in 2024
Retaining adequate insurance protection is vital for financial security. However, nobody wants to pay more for home insurance than they have to. As the cost of premiums continues to trend upwards in 2024, it’s important to take advantage of opportunities to save on coverage. Consider the following strategies that can help limit rising home insurance rates:
Weatherproof your home. Homeowners may be able to reduce premiums by installing and implementing protection from the elements. This may include upgrading a home’s roof, installing storm shutters, trimming or removing trees and brush, and using nonflammable building materials.
Upgrade security. Installing smart technology, such as water leak detection systems, fire alarms and security cameras, could help lower premiums.
Update coverage. To combat rising rates, policyholders may want to revisit various coverage features. For example, increasing a policy’s deductible may reduce regular payments. However, homeowners will need to pay more out of pocket in response to covered incidents before submitting a claim.
Limit liability risks. Consider reducing liability risks by removing attractive nuisances (e.g., swimming pools, playground equipment and firepits).
Research group discounts. Many insurance companies offer lower rates for select groups, such as retired people, military personnel, and members of various organizations and associations.
Improve your credit score. More and more insurance companies are considering credit scores when quoting homeowners insurance rates. “The better your score, the better your rate,” is a general rule of thumb.
Bundle policies. Many homeowners can garner lower overall insurance costs by purchasing multiple types of coverage from the same insurance carrier. Home and auto, for example.
We Can Help You Reduce Your Premiums
In addition to considering the above practices, talk to the homeowners insurance experts at VTC Insurance Group. We can provide you with more information on reducing your homeowners insurance expense—and help make sure you have the right coverage based on your needs. You can reach us at 248.828.3377 or visit vtcins.com.
This blog is for informational purposes only and is not intended as legal advice.
