Owning real estate property is something nearly everyone aspires to. That being said, being swamped under with homeowner’s insurance is something everyone can do without. While you can always talk to your local insurance agent to see what can be done about lowering your rates, there’s even more you can do to save on your insurance while still enjoying quality coverage.
Take Steps to Protect Your Home
Anything you can do to protect your home from intruders, fire, earthquakes, water damage and the like is sure to help lower the cost of your insurance. This is because a well-reinforced home is less likely to suffer damage, which means you’re less likely to have to file a claim later on down the road. While you might balk at the initial investment of making such improvements, you’re sure to appreciate how much you save in your insurance costs over the years, and there’s also the fact you can rest easy knowing your home is well-protected.
While you might be happy with your current insurance provider, that doesn’t mean you can’t shop around. If it’s possible for you to get the same coverage with a lower price tag by switching providers, take the leap. You might hate to part with your current agent or company, but you also probably hate parting with your hard-earned cash when you don’t have to. Right? Before you change providers, see if your current home insurance company can do anything to lower the price of your premiums without compromising your coverage.
Raise Your Deductible
Increasing your deductible is another way to better save on the overall cost of your homeowner’s policy. Know that it’s possible to lower your premium cost by as much as 25 percent if you’re willing to raise your deductible to $1,000. No matter what your deductible might be, make sure you always have quick and easy access to that amount should you ever have to file a claim. Even better, put the money in an interest-bearing account so it works for you.
Ask About Discounts
Simply asking for a discount is another way to save money on coverage for your home. If you’ve been with your insurance company for a while, you might be eligible for savings. You might also be able to bundle policies if you also need auto insurance or the like. If you’ve never filed a claim, or if it’s been several years since you’ve filed a claim, you might qualify for a discount.
Review Your Policy
Have you had your homeowner’s policy for a while? If so, your coverage needs might have changed in recent years, which means you might not need the same type or policy or need to pay the same price for your premiums. Sit down with your agent to talk about your life and lifestyle. A single conversation can reveal you have coverage on your current policy you don’t need to pay for.
Think Before You Make a Claim
In the event you have to make a claim, think before you reach out to your agent. This is because making a claim can potentially drive up your premiums, and there’s also the fact your insurance company might view you as a policyholder who’s more trouble than you’re worth if you have a history of filing a claim for an issue you can easily take care of on your own. You might not like having to take care of the cost on your own, but it’s better than developing a bad reputation in the insurance world.
Paying home insurance is a necessity, but paying more than necessary for it most certainly isn’t. Let these tips guide you to getting the coverage you and your home deserve without an inflated price you don’t need.