Every year, homeowners in Houston, Katy, Sugar Land, The Woodlands, Fulshear, Brookshire and other cities in Texas face the possibility of higher homeowner insurance cost.
Different homeowner insurance policy providers offer different rates and the rates can vary by as much as hundreds of dollars annually depending on your insurance company.
As a smart insurance consumer, there are a few things you can do to lower the amount you pay monthly. Here are ways to cut your monthly Texas homeowner insurance premium.
Shopping around for lower cost homeowner insurance policy is time consuming but highly rewarding. Begin by asking family and friends about their insurance policies. Contact your state’s insurance department for reputable and low cost insurance companies. Consult yellowpages and online homeowners’ insurance agencies. These agencies have access to insurance databases that allow them to quote lower prices to their customers.
Deductibles are the amount your homeowner insurance company requires you to pay before they begin paying on your claim. The amount of your deductible depends on your policy terms but typically, the higher your deductible, the lower your monthly insurance premium. Most insurance providers recommend deductible of $500 but raising your deductible to $100, for example, could lower your monthly premium by up to 25%.
Read your homeowner policy to ensure it does not include the value of the land on which your home stands. If it does, you may be paying more than you should since the land is not subject to theft, fire, wind or other natural disasters against which you are buying insurance. Deducting the value of the land could allow you to lower your monthly premium.
This is one of the best ways to lower your overall monthly premium. Combining your Texas homeowner insurance with your Texas auto comprehensive or Texas liability insurance could lower your monthly premium by as much as 20% depending on the homeowner insurance provider. Do your homework though to ensure that combining both policies will lower your cost when compared with buying the policies from different providers.
Ask your homeowner policy provider what steps you can take to disaster-proof your home. Most insurance agents or representatives will be happy to give you ideas on how to protect your home against natural disasters including hail and windstorms. Retrofitting your older home to better withstand tornadoes or hurricanes, installing storm shutters and replacing your aging roof are ways to disaster-proof your home and lower your month homeowner insurance premiums.
Adding additional security to your home’s interior and exterior will help lower the cost of your homeowner policy. Installing security cameras, smoke detectors, burglar alarms and deadbolts could help you shave 5-10% off your premium. Automatic Sprinkler systems and other security systems that alert the Police of Fire Department at the first sign of fire or other disasters is useful also. Do your due diligence to ensure your insurance provider will approve the system before investing since not all systems are approved by various insurance companies.
Where your home is located plays a role in how much you pay for monthly insurance premium. Consider the location before you buy. If possible, buy a home next to a fire hydrant, or in a home community with professional fire department instead of volunteer fire department. Brick homes, homes with electrical and plumbing systems that are less than ten years old will also help lower your premiums.
Like most things, your credit history affects how much you pay for homeowner insurance. The higher your credit rating, the lower your monthly insurance premium. Building and maintaining good credit could qualify you for deduction of up to 5% on your homeowner policy.
Overall, there are things you can do, as a homeowner, to ensure your Texas homeowner insurance premium does not spike when it comes time to renew. We are Texas insurance agency with offices in Katy, Houston, Cypress, Sugar Land, The Woodlands, Fulshear, Richmond, Sealy, Fairfield and Tomball. Call us today at 1-877-952-1010 to lower your monthly Texas homeowner insurance premium.