Your home is likely your largest financial investment, and it should be a priority to ensure that it and your family are protected!
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Although your homeowner’s insurance is a necessary expense, there is no reason that you have to be forced to pay top dollar. Insurance companies base their rates on your home’s many factors, but the most important consideration is their risk. The safer and more efficient your home is, the less risk the insurance company is at to pay out a settlement. Working towards making your home safe and solid is one way to help bring your insurance premiums down. Your house insurance should give you the peace of mind that you will be protected in a disaster; it shouldn’t cause you to worry about your ability to make your payments. Let’s look at a few ways that you can save on your home insurance.
Increase Your Deductible
The deductible on your home insurance is the amount that you have to pay up front out of pocket when you make a claim on your policy. For convenience, most policyholders prefer to keep their deductible amount to a minimum. However, if you choose to increase your deductible cost from a lower to a higher premium, you can save money on your overall payments. Keep in mind; it’s a good idea to set aside some money that will cover the amount of a higher deductible if you should need to make a claim.
Upgrade Your Home
A safer or greener home can mean less risk and more incentives from your insurance company. Upgrading your major systems like plumbing and wiring could help bring your rates down along with making your home safer. Depending on where you live, your home may be at higher risk for disaster damage. Areas of the country that are more prone to wildfires, flooding, hurricanes, tornadoes, or earthquakes may have higher insurance rates. Incorporating disaster-proofing into your home, including wind-resistant windows, steel roofing, and flood resistance landscape grading, can reduce your insurance costs.
Bundle Your Policies
If you have auto insurance or a life protection policy, you can save money by bundling them together through one broker. Talk to your insurance provider about adding your home and car insurance to one policy to bring down your premiums.
Security
One of the most common claims on home insurance policies is damage sustained due to a home invasion. Increasing your security with anti-theft windows, a new security system, and perimeter alarms can reduce the insurance company’s risk and bring down your premium payments.
Discounts
You may be surprised to discover that most insurance companies offer a range of discounts. Most companies don’t go out of their way to advertise these savings, so you must be proactive to save on your premiums. Ask about these available discounts:
- Green construction
- Eco-friendly appliances
- Solar system
- Loyalty
- Senior
- Military
- Monitored security system
Paying for home insurance is an expense that you can’t avoid as a homeowner. Get the protection that you need without paying more than you need by following these tips to help you save on your home insurance.
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