Top eight ways to reduce your home insurance rates
From credit scores to home maintenance, here’s how you can save some extra cash.
Home insurance is like a safety blanket for your finances. It helps protect your home and your belongings in case of theft, loss or damage. But, this peace of mind often comes at a price, leaving many homeowners looking for ways to trim down costs without compromising home protection.
Lowering your insurance rates is a great way to snag some extra savings.These eight tips and tricks will help you keep more cash in your pocket. Because who doesn’t love the chance to save whenever possible?
1. Shop around
Don’t settle on the first quote that comes your way. While insurance rates set by providers are usually fixed, take the time to shop around and compare policies with multiple providers to ensure you’re getting the best deal possible
2. Look for discounts
It’s always a good idea to call your company and have a licensed broker review your policy to ensure all discounts are applied. You can get discounts for having multiple lines of business, being with the company for many years, having alarm systems, leak monitoring detection systems, and so much more!
3. Increase your deductible
Opting for a higher deductible can significantly lower your monthly premiums. However, be mindful that you’ll need to have enough savings set aside to cover the deductible in the event of a claim.
4. Improve your credit score
Your credit score can save you money! Many companies are doing “soft credit checks” to offer clients customized and preferred rates. Don’t worry, the credit score check would only show up as an inquiry on your credit report.
5. Maintain your home
Regular upkeep and maintenance can prevent costly damage and qualify you for lower insurance rates. Keep your property in top condition and you might receive a discount. Remember to always call your insurance company when you update any utilities. That way they have the most up to date information and can remove surcharges or exclusions on outdated utilities.
6. Pay annually
Consider paying your premium annually as there’s often a discount applied. If you’re unable to do that, be sure to avoid service or interest charges by always paying your monthly installments on time.
7. Evaluate
Each year, make it a habit to review and evaluate your policy. Make sure it reflects your home’s current value including upgrades, recent renovations and major purchases.
8. Bundle
Some companies lower costs when you bundle your home insurance and auto insurance together.
So why pay more when you don’t have to? Take action and help save yourself money by keeping these tips in mind. Enjoy knowing that your home and your finances are protected from life’s unexpected twists and turns all at a lower cost.
May 31, 2024
