Ways to Save on Your Homeowners Insurance

stair railingWant to lower your homeowners insurance premiums? Of course, you do! No matter what you are currently paying, your life would be a little bit easier if your premium was lower. Compass Insurance Agency has some advice about things you can do that could result in a lower homeowners insurance premium.

When it comes to insurance premiums, it is all about risk. Insurers want to find customers who are low risk. The reason comes down to cost. If your homeowners insurance company considers you to be a high risk, they will probably charge you a higher premium to compensate on the claims that they believe you will end up filing with them.

Clearly, the best thing you can do is to find ways to lower your homeowners insurance company’s perception of how much of a risk you are. There is the potential that you could end up with a lower premium on your homeowners insurance policy if you make some changes.

Compass Insurance Agency has some advice about ways to save on your homeowners insurance this year. They have a blog called “Thirteen Ways to Save On Homeowners Insurance in 2013”. For the purposes of this blog, I will pick out a few key points from their list, and explain why the change might result in a lower premium.

Install Hand Railings On Stairs
How can this lower your premium? Simple! What do you do when you are walking down a set of stairs and you stumble? You probably reach out for a hand railing. You grab the hand railing, steady yourself, and prevent a nasty fall.

Why does your homeowners insurer care about hand railings? After all, if you fell, you would be sending a claim to your health insurance company, not your homeowners insurance. In this case, it isn’t about you at all. Instead, it is about the potential for a guest to fall down your stairs. That would result in a claim to your homeowners insurance policy. Install a hand railing, and you could avoid a claim.

Install a Security System
If someone breaks into your home, and steals your property, you will end up filing a claim to your homeowners insurance. Installing a security system could deter a potential thief from choosing your home as the one that he or she will break into. Just like that, your homeowners insurer might see you as slightly less risky than they did before you put in a security system.

Image by Brian Moloney on Flickr