Unlike midwestern states, the cost of living in California is high. For that reason, a lot of people do research and make comparisons before investing in anything. That includes homeowner’s insurance in California. Whether you currently own a house or you’re contemplating buying one, it’s essential to have good and yet affordable coverage.
Fortunately, there are ways to lower the cost of homeowner’s insurance in California, as indicated by the following information.
- Go With a Bundled Package – This means that instead of having one company for homeowner’s insurance in California, another one for your automobile, and yet a third insurer for your boat, choose one provider that can cover everything. By doing so, you’ll enjoy a nice discounted price but without compromising on coverage or the quality of service.
- Increase Your Deductible – By bumping up your deductible, you’ll see the premiums go down. Yes, you would have to pay more in the event you ever had to file a claim, but at the same time, if you don’t file a claim or perhaps just one or two in all the years you own your home, then a higher deductible makes perfect sense. Of course, you don’t want to set the deductible so high that you put yourself in a mess should you need to activate your coverage at some point.
- Take Advantage of Discounts – When purchasing homeowner’s insurance in California, your agent should provide you with a list of all possible discounts. However, you should never hesitate to ask. Things like an alarm system, carbon monoxide, radon, and smoke detectors, water barriers for your roof deck, and storm shutters could reduce the price you pay for insurance.
- Eliminate Unnecessary Coverage – Some people go all out when buying homeowner’s insurance in California, believing that more is better. However, that’s not necessarily true. If you’re paying for things that shouldn’t have coverage, your premiums increase. To determine if you have the right type and amount of insurance, have your insurer do a property value assessment. Yes, you want peace of mind, but that doesn’t mean going overboard.
- Think Twice Before Filing a Claim – It’s nice to have homeowner’s insurance in California if you ever need to file a claim. However, you shouldn’t automatically do that for everything that happens. Instead, consider the cost of making repairs yourself versus having your policy cover them. The reason is that if you file too many claims, an insurance company will consider you high risk. Not only would that result in hefty premiums, but when it’s time to renew your policy, your current provider might deny you.
Keeping Insurance Costs Down
Remember, these are just a few examples of how you can keep the price of your homeowner’s insurance in California low. It never hurts to talk to your agent or conduct research on other options. The goal is to have the type of coverage you need but without breaking the bank.