For most area homeowners, the 110-decibel wail of nearby fire engines may not be a sought-after feature when selecting the ideal neighborhood. Nonetheless, according to The Wall Street Journal, living close to firehouse has its advantages. Safety is one. A reduction in your homeowner’s insurance bill, another.
Not all homes can have the advantage of being next door to a firehouse, but just about everybody knows that having the proper insurance is important to protect not only the structure itself but also the valuables within. Here are three possible actions you could take this month, any or all of which might reduce the cost of your homeowner’s insurance premium:
- Shop Around – We are much more likely to spend our time “liking” dancing cat photos on social media annually than in planning advanced insurance plan strategies. Nonetheless, a visit to the website of the National Association of Insurance Commissioners can help identify important nuances when selecting a vendor. Example: review complaints.
- Reduce Coverages – Most people insure their homes for the full amount they paid at the time of purchase. If you bought your home in Grand Forks for $450k, you automatically insured it for that amount. But in the event of a loss event like a fire, you don’t necessarily need the full purchase price to rebuild the property—remember, that purchase price included the cost of the land. This idea should be weighed realistically against today’s costs. Take care not to go light on the replacement cost of your belongings (many folks do). A new inventory can help in that department.
- Just Ask! – While discounts vary with each insurer, the following details might qualify your home for a discount if you just go ahead and ask:
- Multi-policies with the same company.
- Length of time with the same company.
- A smoke detector or sprinkler system.
- An alarm system, deadbolt locks, or other security measures.
- You have not made a claim in recent history.
- Your household doesn’t include smokers.
- You qualify for a senior discount.
- Your credit score has improved.
While not all of us are willing to move next door to a firehouse to save on our home insurance, there are multiple ways to whittle down policy premiums. We’re here as a resource for your Grand Forks area property-related questions anytime: just give us a call!