10 Ways to Reduce Your Home Insurance Rates
As a homeowner, you hope that nothing serious ever happens to your home. However, the reality is that approximately one out of every 20 insured homes submits a home insurance claim each year. That can be a scary statistic and illustrates the need for quality homeowners insurance. While home insurance is a necessity for any homeowner, that doesn’t mean you can’t save money. Here are 10 ways to reduce your home insurance rates.If these costs seem prohibitive, here are 10 ways to reduce your home insurance rates.
1. Do Your Research
If you want to lower the cost of insurance, it’s important to do your research and shop around. Compare prices for different insurance policies to get the best deal.
2. Get Every Discount You Can
You may be eligible for one or more discounts that can lower home insurance costs. For example, some insurance companies may offer discounts for seniors, while others may offer discounts for veterans.
3. Boost Your Deductible
In typical cases, the lower your deductible, the higher your monthly premiums. If you’re looking for ways to cut monthly costs, you may be able to do so by hiking your deductible.
4. Stay With Your Insurer
Did you know you may qualify for one or more discounts if you stay with the same insurer for a long time? Many insurance companies offer lower average home insurance rates for policyholders that are with them for at least five years.
5. Buy More Insurance Policies From the Same Insurer
If your insurer offers home insurance as well as some other type of insurance, you can typically save money by bundling multiple types of coverage. For example, if you need both home and business insurance, see if your insurer offers a bundled price for both.
6. Maintain a Good Credit Profile
Did you know your credit profile can affect the amount you pay for insurance? To maintain a good score, pay your bills on time, keep your balances low and check your credit score regularly.
7. Review Your Limits and Property Value Every Year
No one wants to pay for coverage they don’t need-that’s why you should review your limits and property value each year to make sure you aren’t paying for more coverage than you require.
8. Consider Homeowners Insurance When Buying a Home
When shopping for a new house, keep homeowners insurance in mind. That way you can look for a house that has features that can lower your premiums.
9. Improve Your Home Security
You may be able to get a discount on your home insurance policy if you improve your home’s security. Adding deadbolt locks or a security system may reduce home insurance costs by up to 15%.
10. Make Your Home More Resistant to Disasters
If you make your home more resistant to disasters, you can probably get lower home insurance costs. Consider doing things like reinforcing your roof, adding storm shutters or upgrading an old electrical system.
About Daniels Insurance Inc
At Daniels Insurance, Inc., we have a unique understanding of the risks that businesses like yours face on a regular basis. With the backing of our comprehensive coverages and our dedication to customer service and quick claims resolution, your business will be fully protected. For more information, contact us today at (855) 565-7616.