While the insurance market in California can be expensive, there are a few actions you can take to potentially reduce your home insurance premium.
1. Bundle for discounts
You’ve likely heard it before. Bundling your polices with one insurance company can really help reduce your total premium. Most insurance companies that sell homeowners and auto coverage reduce their premium substantially if two policies are purchased from them. And if you have or are thinking about umbrella insurance, bundling all three insurance (home, car and umbrella) could provide you with the best savings possible.
2. Install home security and protection
Some policies offer discounts for centrally monitored burglar and fire alarm systems and guard gated communities. There may be other home protection discounts available with the installation of automatic water shut-off valves, automatic seismic shut-off valves and permanently installed electrical back-up generators. While the discount availability and amount can vary from one insurance company to another, homeowners can receive discounts of up to 10% for having such home safety systems in place. Before buying such systems, check with us to determine if you will be eligible for a discount.
3. Increase your deductible
Deductibles are the amount of money that you, the homeowner, pay toward a loss before the insurance company starts to pay. By increasing the deductible to $5,000 or $10,000 discounts might be offered because as you accept more risk, the premium cost goes down. The tradeoff here is keeping more cash on hand in order to pay that deductible if needed.
4. Talk to an insurance agent
By working with an agency like Ares Insurance, you have access to more insurance companies than if you were to go direct. Thus, we can shop around for you. Plus, our insurance advisors can guide you on the right coverages to get you a policy that meets your budget.
This blog post is not offered, and should not be relied on, as insurance advice. You should consult an insurance agent for advice in specific situations.