Skip to main content

You know you’re “adulting” if you rent or own your own home, but don’t let the excitement of having your own space overshadow the importance of protecting your investment. As a renter or homeowner living in an association paying HOA dues, you may be eligible for reduced or discounted premiums on insurance coverage you need. At Blue Lime we want to give you tips that will help you save money without compromising coverage. Here are our top five:

  1. Check your Deductible – One of the fastest ways to lower premiums is to raise your deductible. But remember, before raising a deductible, you need to make sure you can pay the full amount in the event of a loss.
  2. Shop Around. Buying insurance shouldn’t be any different than buying a new car or other big purchases. Take time to shop different insurance companies and make sure you’re getting the best coverage within your budget. And make sure you ask about discounts for living in an HOA.
  3. Review your Coverage. At Blue Lime we hear from so many clients who are reviewing their insurance coverage for the first time in years. Don’t do that. Instead, review your policy yearly to make sure coverage is adequate and that you’re receiving the best deal.
  4. Know your Advantages. If you live in a community that has security cameras, is gated, or has other security measures in place, you should be able to get the same quality coverage for less money than someone living in a community without those features. Crime will be less likely, and your insurance premiums should reflect that.
  5. Don’t make Assumptions. If you’re a renter, don’t assume your landlord carries insurance for your personal property. If you own a town home that shares a wall, don’t assume your neighbor carries insurance or adequate insurance. In the event of a loss, make sure your possessions and property are covered. Don’t assume anyone else is watching out for you or your belongings.

While buying insurance isn’t a fun or exciting purchase, it is a necessary one that you’ll be thankful for when you have a loss.