Insurance Tips for Homeowners in New York

by | Apr 19, 2018 | Financial Featured

Homeowner’s insurance is an extremely important item on any home buyer’s checklist. Not only is insurance simply a good idea because you should want to protect the considerable amount of money you’ve just invested in a home, it may also be a requirement in order for you to qualify for financing from your lender. However, purchasing property is already one of the most expensive things the average person will ever do, and so you may balk at having to pile on the additional expense of homeowner’s insurance. The following tips can help you mitigate the cost of your homeowner’s insurance policy. You may want to consult with the lawyers at an established real estate law firm, too, as they may have picked up some useful tips during their practice.

Install Safety and Security Devices

Similar to how your car insurance may offer a discount for a record of save driving, it is possible to receive a discount on your homeowner’s insurance by installing certain safety and security devices in your home. For example, installing a security system that is actively monitored by a home security company and/or sends an alert directly to the police may earn you a discount on your insurance premium. Installing smoke detectors is another easy way to potentially earn you a few dollars off your homeowner’s insurance. Best of all, these money-saving tips also help to keep you and your family safe.

Consider a Higher Deductible

If you accept a higher deductible on your policy, then you’ll have lower premiums. This is because you’re allocating a greater amount of the risk to yourself in the event of a catastrophe, and your insurance provider will therefore allow you to pay lower premiums as a result. Because homeowner’s insurance serves to compensate you in the event of catastrophic loss, you will still be at an advantage by insuring your home, even with a higher deductible.

Bundle Your Policies

This is perhaps the easiest and lowest-effort means of reducing your premiums. If you bundle your home, car, and other insurance policies under a single plan with the same company, then they’ll almost always give you a considerable discount in return.

Get an Umbrella Policy

This method may not necessarily lower your insurance costs month to month, but it’s virtually guaranteed to save you money in the long run. An umbrella policy is a policy that provides excess coverage beyond that offered by your standard homeowner’s insurance and also insures you against additional types of disasters. Without an umbrella policy, you may find that your policy is inadequate when a disaster strikes that destroys your home entirely, or when a neighbor files a tort action against you.


Homeowner’s insurance is one of the most important things to invest in after you’ve invested in a new home. Even if you can purchase your home without getting insurance, you shouldn’t. If you’re concerned about the expense of your homeowner’s insurance policy, then the tips above can help you defray the cost and help you protect yourself without breaking the bank.

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