piggy bank in front of home, save on your first home policy

Money-Saving Tips for Your First Home Insurance Policy

Here’s how you can save on your first home policy.

If you have just purchased your first home, then you are probably a bit short on money.  The last thing that you want to think about is spending money on your homeowners insurance.  Fortunately, there are ways to save on your first home policy without sacrificing coverage.  Try out these suggestions to access homeowners insurance savings.

  • Bundle Your Policies

Oftentimes, insurance companies sell multiple forms of insurance.  If you are interested in securing multiple policies from a single insurer, then you should bundle these policies together.  When you bundle, you unlock special discounts on all of your policies, and you can save on your home premiums.

  • Increase Your Deductibles

Another way to reduce your home insurance premiums is by raising your deductible.  Your deductible is the amount of money that you agree to pay towards a claim before your insurance coverage kicks in.  It’s important to know that your deductible and your premiums have an inverse relationship.  This means that the higher your deductible, the lower your insurance rates will be.

  • Update Your Electrical System

If your home is on the older side, or if your home’s electrical system has not been updated for more than 40 years, then it’s time to upgrade your system.  Outdated electrical systems pose a major fire risk for your home, and this risk translates into higher insurance costs.  By having your home’s electrical system professionally updated, you can reduce your fire risk and lower your insurance costs.

  • Update Your Plumbing System

Just like your electrical system, upgrading your home’s plumbing system can also help you save on your insurance.  Because an old plumbing system increases your home’s risk for flooding, having your system professionally serviced will reduce the chance of a flood.  The reduced risk will translate into lower insurance costs.

These are some of the things that you can do to save on your first home policy.  Are you looking to secure the right home insurance to fit your needs and your budget?  If so, then contact the experts at Tri-Star Insurance/HUB International.  We are ready to assist you with all your coverage needs today.