If you’re a Pennsylvania homeowner, there are several things you can do to potentially lower your premium, make your home more attractive to insurers, and avoid unpleasant surprises when you need to file a claim.

THREE THINGS LEHIGH VALLEY HOMEOWNERS GET WRONG

“The lowest premium is the best deal.”
Not necessarily. Compare deductibles, coverage limits and exclusions—not just the price.

“My insurance company will automatically give me every discount.”
Don’t count on it. Ask.

“I can figure out insurance after I buy the house.”
I strongly disagree. If you’re buying a home, get an insurance estimate before you commit. The Pennsylvania Insurance Department specifically recommends asking an agent to estimate the insurance cost for homes you’re considering.

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1 — CONSIDER A HIGHER DEDUCTIBLE.

A higher deductible may lower your premium, but remember: you have to pay that deductible out of pocket when you have a covered claim.

And pay attention to percentage deductibles. A 2% deductible on a $400,000 replacement cost is $8,000—not $400.

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2 — MAINTAIN YOUR HOME.

A well-maintained roof, electrical system, plumbing and heating system can make your home easier to insure.

If you’re buying an older Pennsylvania home, find out what has been updated—and what hasn’t—before you purchase.

And don’t wait until there’s a problem to discover that your insurer wants something repaired.

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3 — LOCATION, LOCATION, LOCATION

Flooding, severe storms, trees, winter weather and other hazards can affect your insurance costs.

And remember: standard homeowners insurance generally does not cover flood damage. If you’re buying near a river, creek or other flood-prone area, investigate flood insurance before closing.

The Pennsylvania Insurance Department recommends asking specifically whether you need flood or other additional coverage.

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4 — PROTECT YOUR CREDIT.

Pennsylvania insurers may use insurance scores when underwriting a policy. An insurance score isn’t the same as your regular credit score, but credit information can influence the rate you’re offered.

Check your credit report. Correct errors. Pay bills on time.

And shop around—insurance companies don’t necessarily use credit information in exactly the same way.

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5 — TELL YOUR INSURER ABOUT IMPROVEMENTS.

New roof? Finished basement? Kitchen renovation? Addition? Pool?

Your home’s replacement cost and liability exposure may have changed.

Call your insurance professional before—or immediately after—making significant improvements.

You want enough coverage when something goes wrong, not just a lower premium today.

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6 — ASK ABOUT SAFETY DISCOUNTS.

Smoke detectors, burglar alarms, deadbolt locks and fire extinguishers may qualify for discounts with some Pennsylvania insurers. Bundling your home and auto insurance may also reduce your overall cost.

Ask. You won’t get a discount you don’t know about.

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7 — THINK TWICE BEFORE FILING A SMALL CLAIM.

Not every problem belongs on an insurance claim.

Before filing, ask your agent how a claim could affect your future premiums or insurability. The Pennsylvania Insurance Department actually lists this as a question homeowners should ask their insurance agent.

Sometimes paying for a relatively small repair yourself makes financial sense.

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8 — DON’T FORGET ABOUT LIABILITY.

Pools, trampolines, certain pets and other features can increase your liability exposure.

If you’ve added something that could increase the possibility of someone getting hurt on your property, tell your insurer.

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9 — CHECK YOUR COVERAGE AFTER A MAJOR CHANGE.

Home values, construction costs and your personal belongings change over time.

That $300,000 dwelling limit you selected years ago may not be enough to rebuild the house today.

Have your coverage reviewed periodically—and especially after a major renovation.

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10 — SHOP AROUND.

Insurance companies don’t all charge the same price for the same homeowner.

Pennsylvania’s Insurance Department recommends talking with multiple insurers or agents and asking about price, coverage, claims service and discounts.

Don’t shop only on price. Shop for value.

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11 — GET THE QUOTE BEFORE YOU BUY THE HOUSE.

This may be my favorite piece of advice.

You wouldn’t buy a car without knowing what it costs.

Why buy a house without knowing what it costs to insure?

Before you make an offer—or at least before you’re committed—have an insurance professional price the property.

That can uncover issues with the roof, heating system, electrical system, flood exposure or other characteristics that could affect your ability to get affordable coverage.

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THE BOTTOM LINE

You can’t control everything that determines your homeowners insurance premium.

But you can control how well you maintain your home, the deductible you choose, the improvements you make, the coverage you carry—and how often you shop.

The goal isn’t simply to find the cheapest insurance.

It’s to find the right coverage at a competitive price from a company you can count on when you need it.

And if you’re buying a Pennsylvania home, get the insurance quote before you fall in love with the house.

PA SOURCES

Pennsylvania Insurance Department — Homeowners Insurance Guide

Pennsylvania Insurance Department — Credit & Insurance Fact Sheet

Photo source: Wikimedia Commons. The Lower Swedish Cabin photograph is identified by the photographer as released into the public domain.