Owning a home comes with risks and expenses. Homeowners Insurance is crucial in protecting your home, and many mortgage companies will require reasonable house insurance. There are several ways to reduce your overall insurance expenses, so we hope the following list will help you find strategies to make that happen.
1- MAINTAIN GOOD CREDIT
The insurance industry will look at credit scores to determine the risk of insuring a customer. The higher your credit score, the lower the rate you pay for protection. Be aware of your outstanding debts and payment history. If you have recently paid off a big-ticket item like a car or a high credit card balance, consider speaking with your insurance agent to see if your updated credit score will qualify for a reduction in your premium.
2- BUNDLE YOUR INSURANCE POLICIES
Every insurance commercial out there encourages you to bundle your home and car to achieve low-cost home insurance. You can indeed save money by combining all of your insurance coverage. You may have other insurance policies you should add to the bundle. Do you work from home and carry business insurance? Speak to your agent for ideas on how to lower your home insurance costs by consolidating your policies.
3- RAISE YOUR DEDUCTIBLES
Do you know the current deductible for your Homeowner’s policy? Take time to examine your coverage and consider raising your deductible amount. If your standard deductible is $1,000, even increasing the amount by $500 could save some money. You do get what you pay for; there is no such thing as excellent and cheap homeowner’s insurance. But you can save money if you are willing to spend a bit more out of pocket in the event of a claim.
Make sure you are not making multiple claims on damage to your home, as this will raise your costs and could trigger loss of coverage entirely. Suppose your deductible amount is equal to the repair price. In that case, it may be sensible to pay for the restoration rather than making a claim. If you can afford the higher out-of-pocket expense, raising your deductible will save money.
4- ASK ABOUT DISCOUNTS
You may be eligible for special discounts. Be sure to discuss any possibilities with your Independent Insurance Associates agent. If you have an alarm system, deadbolts, or a sprinkler system, you may qualify for small discounts. Being a non-smoker or an older adult has perks when it comes to insuring your property. Making time to speak with your agent will help build the best plan at the lowest price possible.
5- UPGRADES AND IMPROVEMENTS
The newer your home systems, the lower the insurance costs. Making strategic improvements to your house will result in savings. If you replace your roof or remove an old outbuilding from your property, you should contact your agent and discuss making changes to your current insurance policy. Adding green products may provide you tax credits and lower premiums! Before you make significant improvements to your home, check to see how your investment will affect your overall homeowner’s insurance rates.
Your Independent Insurance Associates are dedicated to finding you the best Homeowner’s Insurance for the best price. We are happy to help you discover cost-saving options while providing excellent coverage to protect your most significant investment. Give us a call to compare rates and review your current policy today!