Massachusetts Home Insurance: Top 5 Ways to Save on Your Homeowners’ Insurance
We’re willing to bet that paying for home insurance doesn’t top your list of fun things to spend your money on. However, buying a home is likely one of the biggest investments you’ll ever make, so protecting it with quality homeowners’ insurance is important. To help ease the burden on your budget, we’ve compiled a list of the top 5 ways to save money on your Massachusetts home insurance.
- Combine Your Policies: Many insurance companies such as Safety Insurance, offer multi-policy discounts up to 20% if you combine both your home, condo, or renters and auto insurance policies together with the same company. With the cost of homeowners’ insurance premiums in Massachusetts averaging $1488 annually, a savings of 20% represents a discount of almost $300.
- Increase Your Deductible: Your deductible is the amount you pay out of pocket when filing a claim, before your insurance company will begin to pay. Raising your deductible will result in a lower annual premium. McSweeney & Ricci recommends our clients carry a minimum deductible of $1000. If your home insurance deductible is currently $500 and you can afford to raise your deductible to $1000, you may save an additional 10-15% off your annual premium. You should only raise your deductible to an amount your savings account will allow, and if you live near the coast, you may have a separate windstorm deductible. Your McSweeney & Ricci Account Manager can help you determine the proper deductible amount.
- Install Safety Features in Your Home: Most insurance companies offer discounts for features that keep your home safer and reduce your likelihood of having a claim, such as security alarms and sprinkler systems. Some companies offer discounts ranging from 5 to 16% for installing a sprinkler system and company-monitored fire or burglar alarm to ward off break-ins. Similarly, many companies offer a discount for having a water leak detection device installed. These systems are installed by a plumber directly onto your water line and automatically shut off the water supply when an irregular flow is detected.
- Think Carefully Before Submitting a Claim: Your claim history impacts your insurance score as well as your premium. Plus, many insurance companies offer a Loss Free Credit for homeowners who haven’t had any claims. Before submitting a claim, think about whether the resulting damage is costly enough to risk losing your loss free credit and possibly incurring an increase in your premium. If lightning strikes the transformer outside your home sending an electrical surge that knocks out your microwave and cable box, you may want to replace those out of pocket rather than submitting a claim. Your McSweeney & Ricci Account Manager can help you weigh your options and will advise you as to the best course of action.
- Take Advantage of Available Discounts & Credits: There are many different credits and discounts offered by insurance companies. McSweeney & Ricci partners with more insurance companies than most agencies our size, allowing us to select the best combination of coverage at affordable prices. These partnerships also give us a large range of discounts and credits to choose from. The declarations page of your homeowners’ insurance policy lists any credits/discounts you’re currently receiving. Your McSweeney & Ricci Account Manager can review your current coverage, and discuss any additional discounts or credits you may qualify for. In addition to the loss free and multi-policy discounts mentioned above, our carriers may also offer the following discounts and credits:
- First-time Homebuyer
- Loyalty discount for being a long-term policyholder
- Non-Smoker Discount
- E-Policy Discount
- Pay in Full Discount
McSweeney & Ricci customizes coverage to our clients’ individual needs and budget. We look for ways to keep your costs low, while always ensuring you’re protected by the proper levels of insurance coverage. McSweeney & Ricci has over fifty years of experience protecting Massachusetts homeowners and offers complete insurance services including homeowners’ insurance, car insurance, renters, boat insurance, cyber fraud insurance, life insurance, business insurance and more. We offer conveniences such as in-house registry services, immediate issuance of insurance certificates, and an on-site claims department.