Posted on: 18 June 2021Share
Investing in home insurance is one of the best ways to protect your home and its contents. As much as homeowners insurance is unavoidable, it doesn't mean you should always pay high premiums. You can use some tricks here and there to save a few hundred dollars on your home insurance policy.
As you probably know, home insurance premiums vary depending on your home's insurance company, the home's age, and where you are located. If you feel that the price you are paying is on the high side, apply the following tips to cut down on the costs.
Take Advantage of the Available Discounts
Every insurer has a variety of discounts they offer to homeowners. Unfortunately, most people rarely know about these discounts, thus making it hard to take advantage of them. However, you can start by asking your agent or insurance company about the available discounts and which ones you qualify for. You'll be surprised by the amount of money you can shave off by taking advantage of the various available discounts.
Raise Your Deductible
Hiking your deductible is yet another viable way to save money on your premium. A deductible is the amount of money you commit to paying towards an insured loss. The minimum deductible can either be $500 or $1000, but if you pay more, you'll ultimately reduce the cost of your home insurance policy.
Bundle Your Auto and Home Insurance
Buying your home and auto insurance from the same company often qualifies for a discount. Commonly, by bundling your car and home insurance, you can save around 5% to 20% on your annual premiums, depending on your insurer.
Improve Your Credit Score
Insurance companies use your credit score to set your rates. The better your credit score, the lower your homeowner's insurance rates. Conversely, if you have a low credit score, you'll be forced to pay higher rates.
You can improve your credit score by paying bills on time, disputing credit report errors, asking for higher credit limits, and reducing credit card balances.
Improve Your Home Security
Your insurance company will be happy to offer you a nice discount if you improve your home's security. All you have to do is install dead-bolt locks, a smoke detector, a burglar alarm, an advanced, sophisticated sprinkler system, and a fire alarm that alerts fire monitoring stations. Talk to your insurance company to find out which kind of systems they recommend.
There are many ways to cut the cost of your home insurance, and it is up to you to take advantage of them. For more information about home insurance policies, contact a local auto insurance agency, such as Oliveira Insurance Agency.