VIDEO
Home insurance has changed significantly over the past several years. Home insurance premium increases, policy changes and higher deductibles all point to more money out of your pocket. How can you save on your home insurance policy without sacrificing the quality of your coverage?
Kim Bowser, Vice President of National Product and Experience Development says, “Homeowners are looking for different ways to save on home insurance. Our independent agents are ready to help customers find discounts and coverage options that can lower the price of their monthly premium without removing essential coverage and protection.”
For Grange customers, we offer multiple options to reduce your home insurance premium. If you have home insurance with a different carrier, some of these tips may still be applicable to you.
Bundle your auto and home insurance
Possibly the best place to start your journey to save on home insurance is to consider bundling it with your auto insurance coverage. The Grange multi-policy discount is designed to save you money and simplify your insurance experience.
Visit our Bundling page to learn more about our multi-policy discount.
Increase your deductible
Your deductible is the portion of the bill you are responsible for before insurance kicks in. The higher your deductible, the lower your home insurance premium, or monthly payment.
For example, if your home is worth $300,000 and you have a 1% deductible on your home insurance, you would owe $3,000 before your home insurance would cover the damage. If you increase your home deductible to 1.5% or 2%, you’d be able to save money on your monthly premium rate.
Be sure to read the Declarations Page of your insurance policy to understand exactly what’s covered in the event of loss or damage to your property. Your independent insurance agent can also help you walk through your coverage details.
Learn about our
Add the Wind and Hail Deductible
If you are a home insurance customer with Grange, you have the option to add our Wind and Hail Deductible to your coverage. Just like increasing your home insurance deductible, you’ll select a percentage of your home’s value to pay in the event of a wind or hail claim before your insurance kicks in.
Do you know what to do when hail is in the forecast? This how-to guide can help you stay safe when hail starts to fall .
Add Actual Cash Value (ACV) roof coverage
Actual Cash Value (ACV) roof coverage is another great money saver. Here’s how it works: If you pay a claim today, it’s based on what your roof is worth today, taking the age and general condition of your roof into account. Grange customers could save up to 20% on their home insurance premium.
Read more information about the differences between ACV and replacement cost to learn what’s best for your needs.
Work with your independent agent to find discounts
Grange offers a variety of home insurance discounts that you may qualify for. Here are some popular ways Grange customers can save on home insurance:
Paid in full discount. Get a discount on your home premium when you pay in full instead of monthly or biannually payments.Smart home alarm discount. Save on your premium when your home is equipped with a Central Station Burglar System.Smart fire alarm discount. Receive a discount on your policy when your home is equipped with Central Station or Direct Fire Alarm.1 Home maintenance discount. It pays to take great care of your home! Provide proof of home permits and inspections to receive a discount.
For more information about these discounts, view the Grange home insurance discounts page or talk to your independent agent today.
3 ways to save on home insurance that you may not have considered
Sometimes you need to think outside the box to cut expenses. A little creativity can go a long way! Beyond adding deductibles and adding discounts, here are a few different ways you can save on home insurance:
Work on your credit score
In certain states, your credit score can be a factor in the calculations insurers use to determine premium rates. According to Bankrate, “Insurers use your credit history to generate a credit-based insurance score. These scores incorporate details from your credit report and may include other information.” They go on to say, “Your credit-based insurance score…measures how likely it is you’ll file an insurance claim.” Policyholders with higher credit-based insurance scores are more likely to pay their premiums on time and pose less risk to insurance carriers. Lower scores tend to translate to higher premiums.
So, where should you begin? Look at your credit report to see where you can make improvements. This Free Credit Reports tool from the Federal Trade Commission can help you get started. Your report can indicate areas that need work, such as making payments on time or paying down debt. By raising your credit score, you may be able to get better home insurance rates the next time you shop.
Invest in smart home gadgets
Smart fire alarms, water leak sensors and security systems can protect your property from damage that may lead to an insurance claim and therefore paying your home deductible.
For example, you may get a notification from your water leak detector that there’s a leak in your bathroom sink while you’re out of town. You can contact a trusted friend or neighbor to enter your home and shut the water valve off until you return home. This gadget could save you hundreds, or even thousands of dollars in water damage and ultimately on the cost of your home insurance deductible.
Work with an independent insurance agent
Choose a local, independent agent you know and trust to help you select the best home insurance for your needs. Our Grange Independent Agents are in your community and ready to find the right home coverage for you.
References:Bankrate.com Federal Trade Commission (FTC) Free Credit Reports Trusted Choice
1 - Central Station alarm systems are monitored by an operator who will contact fire, ambulance or police services for you in the event of an emergency when your alarm system sounds.
Coverages described herein may not be available in all states. Please contact a local independent Grange agent for complete details on coverages and discounts. If the policy coverage descriptions herein conflict with the language in the policy, the language in the policy applies. The material provided above is for informational, educational, or suggestion purposes and does not imply coverage. WE RESERVE THE RIGHT TO REFUSE TO QUOTE ANY INDIVIDUAL PREMIUM RATE FOR THE INSURANCE HEREIN ADVERTISED. Grange Insurance policies are underwritten by Grange Insurance Company, Trustgard Insurance Company, Grange Indemnity Insurance Company, Grange Insurance Company of Michigan and Grange Property & Casualty Insurance Company*. Not all companies are licensed in all states. *Not licensed in Pennsylvania.