8 Ways to Lower Your Home Insurance Premium

Are you a vacation rental owner interested in saving some serious bucks? We have a tip just for you! Home insurance is necessary, but undoubtedly expensive especially when your premium unexpectedly goes up each year. The more educated you are about this topic the better decisions you can make. Balboa Realty is here to be your leaders in Orange County Property Management and we want to share our money saving secrets with you. Here are 8 ways to lower your home insurance premium. Read more about money saving tips & property mangement.

1. The most common way to lower your insurance premium is to raise your deductible. This means you will personally assume more risks for your house and you will be financially rewarded.

2. Many people are under the impression that bundling all of your insurance policies such as life, car, home, with one company then you will get the best rate. Come to find out this is actually NOT always true! It's important to keep your eyes and ears open and become an educated consumer. Shop around and compare different insurance companies and different plans.

3. If your property isn't a non smoking rental already be sure to clearly write that in your rental agreement and show that to your insurance company. Non smoking rentals will have a lower premium than smoking rentals.

4. Do you due diligence and make sure that your insurance company is calculating your premium based on accurate data. Show your insurance company your original appraisal for your property because this can bring your rate down. 

5. Equip your vacation rental with all the safety measures such as carbon monoxide detector, smoke detector, keyless entry, burglar alarms, deadbolts, and even changing from a wood to tile roof. Check in with your insurance agency and see if any updates to your rental will lower your premium.

6. Talk to your insurance agency and you may be entitled to a discounts you never knew about based upon group rates, professional associations, your career, certifications etc.

7. Look into your replacement value option. The cost to rebuild is lower than it used to be and this may be an option that will benefit you long term.

8. Check in with you insurance company and ask for discounts. Remember it never hurts to ask! Balboa Realty is leading the way in Orange County Property Management and is here to save you money!

Published on Friday, October 14, 2016