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How To Recession-Proof Your Home Insurance!

By July 18, 2022August 5th, 2022No Comments
Are you worried about the economy and how it will affect your home insurance?

You’re not alone. Many people are looking for ways to recession-proof their home insurance. There are a few things you can do to make sure you’re protected in case of an economic downturn. Here are FIVE tips on how to recession-proof your home insurance!

1. Review your current coverages with your agent

It’s important to review your homeowner’s insurance policy on a regular basis to make sure you’re getting all the discounts you’re eligible for. Your agent can help you identify any discounts you may be missing, such as those for installing a security system or maintaining a good credit score. By taking advantage of all the discounts available to you, you can keep your homeowner’s insurance costs low while still getting the coverage you need.

2. Ask your agent about the reconstruction cost estimates of your policy

Masonry Contractor Insurance - Close-up of Construction Worker With Protective Gear and Trowel and Mortar Building Brick WallsAs a homeowner, it’s important to make sure that you have adequate homeowners insurance coverage. One way to do this is to ask your agent about the reconstruction cost estimates of your policy. With all the recent inflation, it’s important to ensure that your coverage is up to date. Otherwise, you could find yourself underinsured in the event of a major disaster. By asking about reconstruction costs, you can be sure that you have the coverage you need to protect your home.

3. Consider raising your deductibles to save on premiums

Many homeowners are looking for ways to save on their homeowner’s insurance premiums. One option is to raise your deductibles. By doing this, you may be able to lower your premium payments significantly. Of course, you need to make sure that you have enough money put away in savings in case you do have to file a claim. Otherwise, you could end up being financially responsible for the entire cost of the repair or replacement. Nevertheless, if you feel confident that you have a sufficient emergency fund, raising your homeowner’s insurance deductible could be a great way to save money on your premiums.

4. Bundle your home and auto insurance policies with the same company

Many homeowners are unaware that they may be eligible for a discount on their homeowner’s insurance if they bundle it with their auto insurance through the same company.

Insurance Savings - Close-up of a Man in a Flannel Shirt Using His Smart Phone and Laptop in a Cafe to Pay for Home Insurance

Your agent can tell you if this discount is available and how much you could save. In most cases, you will need to have both your homeowners and auto policies with the same company in order to qualify for the bundling discount, so be sure to check with your agent to see if this is an option for you. You could potentially save hundreds of dollars on your annual insurance costs by taking advantage of this simple discount, so it’s definitely worth checking into.

5. Pay your premiums in full at the beginning of the policy to save money on interest charges

 

Most of the time insurance is paid on a monthly basis. However, there is often a discount for those who pay their premiums in full at the beginning of the policy. This can help to save money on interest charges and finance fees. Make sure to ask your agent about discounts for an annual payment option.

So there you have it – five ways to recession-proof your home insurance. 

Of course, if you’ve got any questions about deductibles, reconstruction cost estimates, or want to review your current policy, don’t hesitate to reach out to our team of home insurance experts or call your agent. We hope these tips help you keep your finances in check and your home protected against the unexpected.

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