Homeowners’ insurance is both a blessing and curse. Mortgage lenders require you to carry a homeowner’s policy to protect the home in the event of a fire, wind storm, theft or other calamity. And if you do experience weather-related damage or some other sort of issue at your home, your homeowner’s policy will pay for repairs or replacements.
But depending on where you live, policies can be quite expensive. So if you pay for your policy from an escrow account, it will increase your monthly mortgage payment, potentially by hundreds of dollars.
Homeowners insurance Kansas residents purchase can vary widely in price, depending on the insurance company and location of the property. But there are some things you can do to mitigate the price you pay for a policy. Regardless of which insurer you select though, be certain your policy covers hazards specific to Kansas perils.
Specific Kansas Concerns
Other than fires, thefts and personal liability, there are several hazards specific to Kansas. Weather-related events like wind and hail are common in many locations in the Sunflower State. Along with tornadoes, straight-line winds can do significant damage to your home and yard. And it’s not unusual for hail to reach the size of golf balls or even soft balls. When hail this large falls, chances are good it’s coming through your roof.
While you may think flooding isn’t an issue in this arid state, heavy seasonal rains can make flood policies a necessity if you live near a river or stream.  Also consider that when it rains in Kansas, it comes down hard and fast. If your home has a basement, consider installing a sump pump to pull water away from the foundation. If a sump pump isn’t an option, make certain your homeowner’s insurance covers water damage.
Ways to Lower Insurance Costs
Shop Around
When you’re shopping for a homeowner’s policy, make sure you compare prices. Oftentimes, there’s a good deal of variability between insurance companies. While one may charge $1,800 per year for a policy, another might charge $1,200. An easy way to get multiple quotes is by using an online portal that provides several quotes at once. Or find an insurance broker locally who works with multiple companies and can offer quotes on your specific parameters.
When you shop multiple companies, make certain you’re comparing apples to apples. Look at the quotes side-by-side to ensure you’re getting the same amount of coverage and the same deductible. Otherwise, a policy that seems much cheaper on the front end may end up costing you more if you have to file a claim.
Consider the Deductible
An easy way to lower your insurance premium is to accept a higher deductible. Choosing a $2,000 deductible instead of a $1,000 deductible for hazards could significantly lower your annual premium. Remember though, if you must file a claim, you’ll pay more out of pocket in order to have the insurance company pay for repairs.
Also, in Kansas, some insurance companies have separate deductibles for wind and/or hail damage. Oftentimes, this deductible is a percentage of your home’s value. If your home is insured for $150,000 and your wind and hail deductible is 1 percent, you’ll have a $1,500 deductible in the event of a claim. Some companies address wind and hail deductibles like this; others have a general deductible that covers all perils.
Modify Your HomeÂ
In Kansas, you might consider making modifications that could lessen risk. An impact-resistant roof that withstands hail damage could potentially lower your insurance premiums. While it may not lower your premiums, you should also consider cutting trees near your home. If one were to fall on your house during a wind storm and you had to file a claim, your premiums would very likely increase.  Old structures that aren’t in use should also be removed to lessen the amount of risk on your property.
Home security systems are another way to lower premiums by 5-25 percent. Install dead bolt locks on your doors to increase security and realize more discounts.
Use the same companyÂ
Using the same insurance company for your home and auto policies can potentially result in some cost savings. Many companies offer discounts when you have more than one policy with them. Additionally, using the same company over the years can also pay off in the long run as some offer loyalty discounts. So when you purchase a new house, using the same company that insured your last home could result in a 5 or even 10 percent discount.
Consider your ‘toys’
Pools, hot tubs, trampoline and other features are nice, but they can increase your annual premiums. If you haven’t decided on a home yet, be aware you’ll have a higher premium if your property includes these “toys.”
Look for discounts
Some insurance companies offer discounts if you’re a member of AAA or AARP or certain business or professional groups. Be certain to check with your employer as some arrange for specific insurance companies to provide employees or retirees discounted premiums.
Opt for electronic payments
You can realize savings by paying for your insurance premiums using an electronic fund transfer from your checking or savings account. Ask about this option when you get quotes so it’s included in the amount you’re quoted.
The homeowners insurance Kansas property owners require doesn’t have to break the bank. Using these tips, you can find a premium that meets your coverage needs as well as your budget.
2 Point Highlight
An impact-resistant roof that withstands hail damage could potentially lower your insurance premiums.
Be certain to check with your employer as some arrange for specific insurance companies to provide employees or retirees discounted premiums.
