Purchasing a home is a huge investment, and usually the largest for most adults in the US. The extra costs that are involved in owning a home can be overwhelming until you have an organized system. Homeowners insurance is one of the most important initial costs of owning a home. Although it is not mandatory, it will protect you in the likelihood of maintenance needs for your home, liability, and natural disaster damage. There are a few things, as the owner, that you can do to save money around the house and lower the rates of your insurance policy at the same time.
Use common sense for everyday usage. Shut off or unplug light and electronics you are not using, and keep the heat down when you aren't home. Turning the thermostat down a few degrees in winter and up a couple in the summer can shave as much as 3 percent off energy costs. Use new energy efficient light bulbs wherever possible. The new compact fluorescent bulbs use less energy and last longer than traditional incandescent bulbs. Also, lower your hot water heater to 110-120 degrees and insulate it to retain heat.
Update your home. Start with small tasks, such as insulating your walls, windows, attic, etc. Use energy efficient technology, like weather stripping and caulking, energy efficient windows and strategically placing shade trees in your yard. Add security features to your home in the forms of deadbolt locks, railing for stairwells, and security systems. Other updates that will affect your overall premiums are smoke detectors and fencing. Keep the natural disaster known in your area in mind when updating by researching proactive methods of shielding your home.
Rework your insurance policy. Raise the deductible on your policy. The initial cost will be more monthly, but over time you save a percentage on your policy. Also, consider combining insurance policies, such as homeowners with auto insurance. Insurance firms usually offers deals for customers who want to create insurance packages.
Check with your insurer. Call your insurance agent and discuss with them other tips that would lower your insurance over time. Check the policy annually to make sure it has been changed to mirror updates to your home.
In this economic climate, saving money is on the minds of most American families, but money should not take priority over secure homeowners insurance. Saving initial out-of-pocket costs will not help if your home is damaged or your possessions are stolen one night.
