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Tips for Saving on High Risk Home Insurance

As with auto insurance, there is such thing as high risk home insurance.

Generally speaking, one would fall into this category for two reasons.

  1. You as a person are high risk – such as a history of cancelled home insurance policies, or a history of non payment for example.
  2. Your home or property is high risk – you own a heritage home, or you have a wood stove for heat, or your house is often unoccupied to list a few examples.

{ To learn more about what is high risk home insurance and the reasons for being categorized in this way, be sure to check out this post. }

And what this means of course is that you will pay more for your home insurance premiums.

So in this post, let’s touch on some tips to help you save on your home insurance costs when you have been deemed high risk by insurance companies.

Saving on home insurance when YOU are high risk

~ Choose your claims wisely. Yes, you have home insurance coverage in place so that when something goes awry, you will be compensated for dealing with it. But be wary about making a claim for each and every little thing you can. A history of making lots of claims is one factor that can make you seem “high risk”. If you’re unsure about making a claim, get in touch with your broker to get their professional take on the affect of the claim on your coverage and your premiums.

~ Have systems in place to ensure that you always pay your insurance premiums on time. Perhaps you can set up an automatic payment with your insurer. Or come up with some kind of a personal system that works for you to keep yourself organized, such as a reminder on your phone or a note in the calendar you use to manage your appointments. Don’t pay more for being disorganized.

~ If you have more than one mortgage, do what you can to pay one off or make this a focus. This is one reason that high insurance providers charge more.

Saving on home insurance when YOUR HOME OR PROPERTY is high risk

~ Take steps to protect your home from natural disasters and damage from weather events – things like removing dead trees or dead fall, or addressing any trees or shrubs that are touching or really close to your building and could cause problems.

~ Keep your home in tip top shape – get it inspected by a professional regularly and stay on top of recommended and needed repairs and maintenance tasks. Keep close tabs on crucial systems, such as your plumbing, heating, water systems and foundation.

~ Any steps you can take that will make your home more able to withstand wear and tear and damage is seen in a positive light by insurers – think improvements such as roofing or the siding on your home, setting up back flow valves for your sewer connections, or addressing any drainage issues you might have on your property.

~ Talk to your insurance provider about any discounts they might offer. For example, some companies will give you cheaper home insurance rates if you have an alarm system installed. It never hurts to ask!

Have you made some recent improvements to your home or property? Be sure to get in touch with your insurance broker or provider to let them know about the changes. You could save on premiums if they feel it affects the degree of risk they see in your home.

Here are some posts from the archives that can offer more ideas and suggestions…

If you have any questions about high risk home insurance, don’t hesitate to reach out to one of our team members. Just want a quote? Get over here to get a quote online 24/7.

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