Money-Saving Tips for Insuring Your First Home

How you can save on your first home insurance policy.

If you’ve just purchased your first home, then money is probably a bit tight.  Naturally, the idea of paying a ton for homeowners insurance is not a welcome one.  Luckily, there are things that you can do to make your home coverage more affordable.  Try out these tips to help you save on your first home insurance policy.

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 for an upgrade.  Outdated electrical systems pose a major fire risk for your home, and this risk translates into higher insurance costs.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 this risk.  Reduced risk will translate into lower insurance costs.

Install Monitored Smoke Detectors

While all homes are required to have smoke detectors installed, some are better than others.  Monitored smoke detectors automatically alert first-responders in the event of a fire emergency, increasing the odds of saving your home and minimizing fire damage.  Some insurance companies will offer you discounts for installing these types of smoke detectors because they recognize them as an effective loss management tool.

Shop Around

While tempting, don’t choose the cheapest policy available.  Paying the least amount possible translates into the minimum amount of coverage your insurer can get away with.  Make sure your policy provides coverage for property damage, theft, and liability.  Have a checklist for the coverage your home needs and go from there.

These are some of the things that you can do to save on your first home insurance policy.  Need help securing the right homeowners insurance to meet your needs and your budget?  If so, then contact the experts at Champion Commercial Insurance in Dallas, Texas today.

 

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