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How to save on your homeowners insurance
How to survive in these times – is on everybody’s mind. How to keep a job, how to have money to pay the bills, how to save the roof above our heads… We have learned to spend less and save, save, save. Everybody is trying to hold on to their finances.
Faced with the challenges, we are forced to figure out money saving strategies. Why not dig out that homeowner’s insurance policy for an update? You’d shop around for a pair of jeans, why not to do the same with your dusty insurance? Whether you rent a home or one of the lucky people who is a homeowner, you’ll find our tips on lowering your homeowner’s insurance rates very useful. So, fix those money leaks:
- Call your agent and ask if you are getting the best rate and what needs to be done to have it improved. In some states insurance companies are allowed to use credit scores while determining the cost of your insurance. If your credit history has improved and a score has become higher it will lead to a nice change in your rate;
- Raise your deductible – it’s the money you’ll have to pay out of your own pocket before insurance kicks in. Another good reason to pay for small repairs on your own is that if you file a few claims your premiums may go up;
- If there is any “unnecessary” coverage or the one you can live without – cut it out. Take identity theft as an example. Insurance will not even cover your stolen money. It is smarter to take other precautions to protect yourself;
- Get the CLUE! For all you happy buyers – it’s a property report (known as Comprehensive Loss Underwriting Exchange or Home Seller’s Disclosure Report) that shows a 5 year history of insurance losses. You want the property with the fewer problems possible. The house with a lot of claims will have higher insurance rates;
- Leave your shy side outside the door and ask for discounts. There is a great variety to choose from. Your safety features, like security systems and fire alarms, or updated plumbing , electrical and heating systems will add additional dollars to your wallet; Many agents would fail to ask if you qualify for those discounts; therefore, you may not have all of those discounts applied to your homeowners insurance policy.
- Shop around – call different companies and compare coverage and prices. It may be easier to call insurance broker company because they work with multiple companies, so there is a wider selection. It allows them to customize a policy that fits your lifestyle;
- Buy homeowners and auto insurance from the same company – they usually offer a discount on combined coverage.
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As you see there are a lot of ways to save money. But remember, that your home is your home. Keep your insurance and do not cancel it because “the safe area you live in” or “you being careful” will not help you. Accidents do happen. Insurance is there to protect you from financial hardship.
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