When you want to pay less for property insurance but don’t want to move or downsize, you need to get creative! Before a property can be insured it is evaluated to assess its susceptibility to damage or loss. Locate your property’s risk profile and read through it thoroughly. You’ll easily identify ways to reduce the property’s risk which will in turn reduce the amount you pay for property insurance. 

In the Carolinas, flood is a very common risk to property. Unless you are directly on the beach and in a home that wasn’t raised, flood risk to a property can often be reduced. Exterior drainage installation combined with new landscaping and the sealing of the property’s foundation, windows, and doors can help keep water away from and out of the home. Hurricane windows and doors can reduce wind damage claims and repairing or replacing the roof can further fortify a property against storm damage. 

If your property is older, upgrading the plumbing and electrical will reduce the overall risk of water damage and fire. A security system install will reduce risk of theft and may result in a slight decrease in insurance. Remember, just as upgrading a property can lead to lower insurance premiums, filing claims will increase them. The more claims you file, the higher your property’s risk. As a homeowner, you may be labeled a high risk if you have an extensive claims history. If one carrier cancels your insurance, another may charge you more for the same coverage because of the amount of claims you filed in the past. 

Mind you, when you own property, damage can occur and a claim may need to be filed. Yet you can take steps to reduce the risk of injuries occurring on your property. Trampolines, swimming pools, trip hazards like uneven stone or damaged concrete, decks that have not been maintained, and aggressive dogs can lead to injury or even death.