Not a lot of people consider going without homeowners insurance. However, over time, insurance payments can add up. So, if you are considering buying home insurance or are looking to renew your home insurance policy, here are some smart ways to save money.
The easiest way to save money is by comparing the prices of policies offered by different companies. Even if you don’t think you are currently paying too much, it’s a good idea to check the prices offered by different companies so you get an idea of how your company’s pricing compares to others.
Look out For Special Discounts
Many home insurance companies offer discounts to policy buyers for living in a gated community, having installed security systems, etc. But, your insurance company may not provide you this discount unless you ask for it. So, make sure to inquire about possible discounts that you may be eligible for.
Increase Your Deductible
If you’ve had a home insurance policy for a while and you’ve not really raised many claims, consider raising your deductible. Doing this will lower your premium. However, ensure that you have the funds to pay for the deductible in case of a loss.
Bundle Your Policies
While it’s good to shop around for different policies, you may also be able to benefit from bundling your policies. So, if you have a home insurance and auto insurance policy, consider buying both policies from the same insurance firm. Just ensure that you check how much of a discount you’ll get by doing this.
Make Your Home More Secure
Did you know that simple things like installing a security alarm or having hurricane-resistant glasses and shutters could bring down the cost of your policy? Insurance companies like to know that you are prepared for disasters even before they occur. Given that it lowers the risk they will be taking on, you could get a much lower premium by making your home more secure.
In addition to these plans, it’s also a good idea to maintain a favorable credit score. Many companies consider your credit score when deciding your premium, and a person with a low credit score will be considered high risk, which ultimately causes an increase in their premium rate.