7 Little Known Ways to Save Up to 40% More on Your Michigan Homeowners Insurance
It’s something most of us don’t even value until we absolutely need it. When there’s an unexpected fire. Or damaging winds. Or a hail storm that leaves your roof in shambles.
That’s when you appreciate the value of homeowner’s insurance. That’s when you receive a much-needed check rather than dipping into your emergency fund or retirement.
That’s when you are thankful you chose a great insurance provider that is responsive and does what they always said they would do.
But like with any insurance, you hope you NEVER have to use it. You hope you never have that fire, that destructive wind or that hail storm that destroys your roof.
Instead, you would be content simply paying the premiums year after year after year.
Well, how would you like to keep those premiums as low as humanly possible? Not just saving 5 or 10%, but serious savings, such as 20%, 30% or even 40%!
We’re not talking about the discounts most everybody knows about. Like featuring a home security system. Or living right near a fire station. There are “hidden discounts” that most people don’t know about and rarely take advantage of.
Here’s the catch: It’s the old 80/20 Principle. Also called the Pareto Principle. While only 20% of people will seek out these little known ways to reduce their homeowner’s insurance, 80% of people will simply not take action.
Therefore, the large majority of people will save little to nothing on their homeowners insurance.
Curious what the top home insurance claims are? Maybe you can impress your friends with this awesome knowledge. Here they are:
· Water damage from plumbing or appliances — 19%
· Hail — 15%
· Weather-related water damage (rain, ice, snow) – 11%
· Theft – 6%
Read through the following suggestions… take ACTION… and watch your homeowner’s insurance premiums go down.
Homeowners Insurance Savings #1: Consider Your Roof
Hail damage that is the #1 reason roofs are repaired or replaced.
I’ll give you one guess as to the most susceptible roofs. That’s right, older roofs! Older roofs leak more often and lose shingles more often.
Therefore, getting a new roof can reduce your homeowner’s insurance premium quite a bit. Even as much as 20%!
Even better, consider an impact-resistant roof. These quality roofs feature materials that stand up to hail even better than non-impact materials.
Michigan certainly sees its share of hail storms. So, it might be worth considering upgrading your roof to be prepared for the next onslaught of hail.
Homeowners Insurance Savings #2: Your Credit Score Matters
I know what you’re thinking: How can my credit score affect my homeowners insurance premiums? Fact is, it’s all about risk assessment.
If you pay your bills on time, you probably have a great credit score. If you have racked up a number of high-balance credit cards, you may have less than great credit.
People with higher credit scores may notice a little break on their insurance premiums. Again, ask your insurance agent, or connect with us to learn more about this area of potential savings.
Homeowners Insurance Savings #3: Your Age
While you can’t do much about your age, it can affect just how much you pay for your home insurance.
Some insurance providers offer a discount simply based on your age. Retirees and senior citizens are usually the first age group to receive a small discount. Why?
This age group is considered more responsible and less of a risk. Plus, they tend to spend more time at home, reducing risks of fires and thefts.
Whether it helps yourself or your parents, ask your insurance provider about reducing your premiums based on your age.
Homeowners Insurance Savings #4: Go Green
Ready for TRIPLE saving? It happens when you decide to “Go Green.” Unlike just a few years back, it’s easy nowadays to outfit your home with energy-efficient materials.
These “green” materials include solar panels, Earth-friendly plumbing systems, electrical equipment, windows and even energy-efficient light bulbs. Once you install these energy-efficient options, you can see savings in 2 areas!
First, over time you’ll experience savings simply by using them. An energy-efficient light bulb, for example, can save you up to 90%! “Green” windows can save you as much as 75%!
Second, because the government wants to encourage saving energy, the federal and state governments offer grants as well as tax write-offs. The more you use, the more savings you enjoy.
Finally, Michigan Home Insurance companies are working on creating a savings for when you do capitalize on these eco friendly options. I’m not sure when it’s happening but you can believe that you can hear about it here first!
Homeowners Insurance Savings #5: Remove Old Structures
Have a run-down shed on your property or similar structure? The odds are that your insurance provider views that structure as an “add-on” to your house.
Even if you simply use that shed or building as a place for tools, it might just be costing you extra dollars on your home insurance policy. What can you do? If you rarely use this extra structure, consider knocking it down or having it hauled away.
Of course, if you have multiple buildings on your property, your insurance premiums may be considerably higher than they need to be.
Homeowners Insurance Savings #6: Removing Brush and Trim Trees
Brush, trim, trees, as well as dead or dying trees, are more susceptible to catching fire. These natural combustibles can turn an under-control fire into a serious risk.
By removing these fire risks, you may also reduce your home insurance premiums by a little as well. If you have these fire risks around your home, you should consider removing them even if they don’t affect your insurance premiums.
Homeowners Insurance Savings #7: Choosing Your Dog Breed
Yes, it’s true. Your dog breed could result in a higher homeowners insurance premium.
Some insurance policies have a list of dangerous dog breeds that could increase your insurance. Rottweilers, German Shepherds and Pit Bulls tend to be on these lists.
While your Pit Bull or Rottweiler may be the most friendly dog around, you may still be penalized. The fear is that those breeds are more likely to attack.
Insurance companies prefer dog breeds that are docile and family-friendly. Poodles, Shih Tzus, Cocker Spaniels. They all tend to be friendly dogs who rarely bite or attack.
Also, if you are considering an exotic pet, such as a snake or spider, make sure those don’t cause your homeowner’s insurance to skyrocket.
Conclusion: Putting it all together
Remember the 80/20 Principle? Well, less than 5% of people will consider many of these home insurance savings and bundle them all into a massive savings by:
2. Check your credit score
3. Check if your age has discounts
4. Go Green (save money in bills and possibly on your insurance in the future)
5. Removing Brush and Trim Trees
6. Remove Old Structures
7. Choosing Your Dog Breed
Will it be you? Speak with one of our insurance representatives today to learn more about how you can save big on your homeowners insurance.