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Inside Your Homeowners Policy: Where You Could Be Saving Big

November 6, 2023

homeowners insurance

New and veteran homeowners alike can benefit from cost savings on their homeowners insurance. The key is balancing cutting costs with ensuring adequate asset protection. The more you understand this coverage and its elements, the easier it is to find areas where you can save money.

Homeowner Insurance Basics

Homeowners coverage is a financial safety net that provides coverage for your home and belongings in the event of unforeseen disasters such as fires, theft, and other disasters. 

However, it’s crucial to recognize that not all policies are equal. You can customize coverage to meet your specific needs. Take time to frequently assess your coverage limits for dwelling, personal property, and liability claims. Adjust them as needed to ensure adequate protection without overpaying for unnecessary coverage.

Understanding Your Policy

There are several key components in a Massachusetts homeowners insurance policy. Understanding how they work together helps you ensure sufficient protection against your property’s threats.

Dwelling Coverage

This part of your policy protects the structure of your home, including the roof, walls, floors, and built-in appliances. The coverage amount should be enough to rebuild your home in case of a total loss.

Personal Property Coverage

This component covers your personal belongings, such as furniture, electronics, and clothing, against theft or damage. You should create an inventory of your possessions to help you determine the appropriate coverage amount.

Liability Coverage

Liability coverage safeguards you from legal and medical expenses if someone experiences an injury on your property and sues you.

Additional Living Expenses Coverage

If your home becomes uninhabitable due to a covered event, this coverage can help with temporary living expenses such as hotel bills or rent.

Areas to Save Big on Homeowners Insurance

You can save money on your homeowners insurance premiums in several ways.

Increasing Deductibles

A higher deductible means you’ll pay more out of pocket in the event of a claim, but it can significantly reduce your premium costs.

Bundling Policies

Many insurance providers offer discounts for bundling multiple policies, such as homeowners and auto insurance. Combining your insurance needs can lead to substantial savings.

Home Security Systems 

Installing security systems with alarms, cameras, and smoke detectors can make your home safer and earn you a discount on your insurance.

Home Maintenance

Regular maintenance and upgrades, such as a new roof or plumbing system, can increase your home’s value and reduce insurance premiums.

Home Safety and Security Discounts

Insurance providers often offer discounts for safety measures such as fire-resistant roofing, storm shutters, and fire extinguishers. Make these improvements to your home to qualify for discounts.

Home Renovations that Lower Premiums

Certain renovations, such as storm-resistant windows or a reinforced foundation, can lead to insurance discounts, as they reduce the risk of damage from natural disasters.

As you can see, saving money on homeowners insurance is not about cutting corners but about finding the right balance between cost savings and adequate coverage. 

Remember that working with a knowledgeable and helpful insurance agency is crucial. If you have any questions or need assistance with your homeowners policy, don’t hesitate to contact E.J. O’Neil Insurance Agency, and we’ll guide you through the process.

About E.J. O’Neil Insurance Agency

Since 1898, E.J. O’Neil Insurance Agency has provided homeowners with reliable coverage and high-quality customer service. Today, we offer a variety of policies, including commercial, boat, automobile, homeowners, motorcycle and renters insurance. Quotes are free by phone or online request, and we can provide notary and other services at our location. We pride ourselves on caring for customers when they need it most, proving it with over $3.2 million in claims paid over 12 months. To find the right coverage for your need, call 413-594-4757 or visit us online.