Homeowner’s insurance premiums for the average American homeowner runs over $800 annually. Since every homeowner needs to have insurance coverage, you can not duck out to save cash or you otherwise risk losing everything should an accident or incident occur. Even though you can’t go without an insurance premium, there are ways to get the most for your money without losing important coverage benefits.
Here are some ways you can save on insurance for your home and still get what you need to have:
Contact Your Agent
Most people fail to speak directly with their insurance agent to determine whether or not anything has changed. You may be surprised to learn you are not getting the best possible rate. If there is a reason why there are better deals out there that you are not eligible to receive, ask what you can do to become eligible and therefore lower your premium.
Check Your Credit
Your insurance company may be using your credit score to determine your premium cost. Many insurance companies access your credit score to determine your costs and if there is information on your report that is not correct, it can cost you in higher charges. Find out what your credit score is and take the necessary steps to improve that score and lower your premium charges.
Speak Up About Discounts
Many insurance agencies can offer savings based on do-it-yourself things you can do around the house. For instance, you can install deadbolt locks, fire alarms, and security systems that will earn you a discount on your insurance premiums. If your home is older, you can upgrade things like the electrical systems or plumbing to lower costs. You can ask your agent about which improvements to undertake to get the best deals on insurance. While many savings will be small, over time they will add up to bigger savings.
Raise Your Deductible
If you can increase the amount of money you have to pay before the insurance will kick in, you can save a large percentage of cash on your premium. Don’t adjust your deductible from $300 to $2000 unless you can truly afford it should something happen. Also keep in mind, it may be better to pay out of pocket for a number of little things rather than filing a claim. This is true for two reasons: first, you can end up costing yourself a higher premium by submitting too many insurance claims; secondly, there are many insurance companies that offer additional discounts to homeowners that o not file any repair claims over a certain period of time.
Do Opt-Out of What You Don’t Need
There are many types of insurance coverage options you do not really need. Review your homeowner’s policy very carefully to be sure you do not have coverage for something you don’t need.
Weigh Old Versus New
If you start comparison shopping for better rates, don’t be too quick in jumping ship to a competitor. Just because they may hook you with a lure for a lower rate, it may not be your best option. Insurance companies do provide additional discounts for loyalty that may outweigh the new rates. You need to really look at the big picture when comparison shopping for homeowner’s insurance.