There may be some hidden treasure buried in your homeowners insurance policy.
Consumer Reports surveys show most people are missing out on some significant savings by not shopping regularly for homeowners insurance.
With many premiums rolled into monthly mortgage payments, some 40% of homeowners aren’t even sure of the specific dollar amount they are paying for their insurance.
It is worth looking into. Depending on several factors like location, it can lead to a savings of anywhere from $700 to $4,000, according to a recent Gravop analysis. For example, the housing research service found that in high cost insurance markets the price of comparable coverage varied by thousands of dollars, even within some counties.
Once you determine your premium, have a conversation with your insurance company. According to Consumer Reports, just sharing your latest home improvement projects could qualify for premium discounts.
Here are three more ways to shave some money off your home insurance bill.
Bundle insurance policies: Combining your life insurance, auto insurance and/or other insurance products all under one insurance company could qualify you for bundling discounts of up to 20%.
Shop around: Experts advise homeowners to shop every three years with various insurance carriers. Do your research. Talking to other companies will at the very least give you a baseline of comparable rates.
Consider some of the following home improvements: Installing a security system that’s plugged into the police/fire department or an outside monitoring service could qualify for a premium discount from 4% to 10%. Upgrading your electrical, plumbing and heating systems or replacing your roof could also drive your premium costs down. Got sensor systems that detect gas/water leaks or extreme temperature changes? Depending on the state, some insurers will shave off 2% to 5%. Some insurers will even offer discounts of 5% to 10% for homes that have a generator permanently installed by a licensed professional. Discounts may also be available for green energy efficient homes.