Homeowner’s insurance can be very expensive for those who live from paycheck to paycheck. It can be expensive for anyone, really. Thankfully, there are steps you can take to bring your insurance premiums down. Whether you just talk your insurance provider into offering a discounted rate, or you find other alternatives that they will automatically reduce your rates for, you have options. Below are five ideas for saving some money on your homeowner’s insurance.
1. Raise the Deductible
A deductible is the amount a person has to pay towards damage done to a home before the insurance starts covering the expense. As with all forms of insurance, raising your deductible is one way to lower the monthly rate you have to pay for your insurance. However, make sure you do have the money on hand to pay the deductible if something were to happen to your home.
2. Bundle Your Insurance Policies
Another common method for getting reduced rates is bundling your insurance policies. For example, you could purchase your car insurance and your homeowner’s insurance policies from the same company. This could mean paying less than you would if you had insurance with different firms. However, make sure you are not pressured into buying insurance policies for things you don’t really need.
3. Install a Home Security System
One of the biggest causes of insurance payouts is burglaries. One way to lower you homeowner’s insurance rate is by lowering the risk that a successful burglary will occur in the first place. You can do this by installing a home security system from a company like Vivint home security. In fact, simply the existence of security devices on the exterior of a home may be enough to ward off criminals. Some companies offer discounts for having a security system in place as well.
4. Keep Your Credit Score High
Like all forms of insurance, part of the equation in determining what rate you pay for home owner’s insurance is your credit history and score. If you do some work to clean up your credit and stop your bad spending behavior, you may see dividends in the form of lower insurance premiums.
5. Make Your Home More Disaster Proof
Severe weather is another common cause of homeowner’s insurance payouts. This includes severe snow storms, tornadoes, hurricanes and more. Even simply strong wind can damage a home. One way to lower your premiums is by taking steps to make your home is more resistant to severe weather such as re-roofing your house with stronger materials or installing storm shutters.
These tips can work for people from The Woodlands TX to Kennebunkport ME. Put simply, consider the ways to reduce your risks. If you can lower the risks that insurance companies analyze for reasons they might have to pay out, such as the risks of your home being damaged or targeted by criminals, you should be able to lower your homeowner’s insurance rate.