When you own a house, you will need homeowners insurance. Your rate depends on the location of your property, as well as the condition of your house. While it may seem like an unnecessary expense, know that reimbursement can be made in the case of natural disasters and other perils. Regardless of the upfront cost or coverage, we have some tips on how you can lower homeowners insurance costs.
1. Increasing Your Deductible Amount on the Homeowners Insurance Policy
As per the policy, the deductibles are termed as the amount that the homeowner has to pay for a loss before the insurance company pays the claim. If you have a higher rate of deductibles, this means that you can save up more on the premiums. A minimum deductible of $1000 is suggested by the insurance companies. If you can stretch it up a bit and take it to $2,500, you may save around 25%.
2. Keeping A Good Credit Record
You can get your insurance costs lowered by building a good credit score. Credit information is used by the insurance companies to put a price on the insurance policies for the homeowner. Make sure that you have a solid credit history so that you can get lower homeowner insurance costs.
You should keep tabs on your bills and pay them as soon as possible, keep the balances of the credit as low as you can, and do not overuse credit so that you can have a clear credit standing. Keep a vigilant check on the record of your credit; this will help you verify it regularly and correct it in case of any error.
3. Maintaining Your Structure Regularly
Take steps to keep the house unaffected by natural disasters that may take place, for instance, windstorms, snowstorms, etc. You can make some changes like installing a more resistant roof, the addition of storm shutters, etc., as per the guidance of your insurance company. Here’s a helpful list!
This will allow you to save up on the premiums. If you have a home that is older, even that can be retrofitted so that it can survive an earthquake. You can also work on adding more modern plumbing, electrical systems, and heating systems so that it can decrease the cases of water or fire damage.
4. Improving Your Home Security
Improving your home security can help in cutting costs too. If you install a burglar alarm, deadbolt lock, or smoke detector, it might lead to at least a 5% on the discount charts.
If you want to aim for a larger discount, you can think about installing an advanced burglar and fire alarm that instantly makes the call to the police or the monitoring stations. Other than that, you can get a sophisticated sprinkler system installed too. These systems might cost a lot, and you have to keep one thing in mind – not all the alarms and sprinkler systems can be taken up for the discount. So, it is best that you contact your insurance company and ask about what sort of systems are advised by them and get them installed as per your convenience. These can lead to a discount of 15% to 20%.
5. Shop Around
Since Greg Fay Insurance agents are not tied to one specific company, we can tailor a plan to you using several products that suit you. Simply put, Greg Fay Insurance Agency offers more homeowner insurance options for you to save you the most money!
Bottom Line for Lowering your Homeowners Insurance
Follow these tips and lower the homeowner insurance costs easily. You can contact the Greg Fay Insurance team for your insurance and settle for a smooth and hassle-free insurance journey.
