Everyone wants to save money these days. Insurance is one of those areas where we are paying for something we may never use. It’s no wonder that people want ways to save on their home insurance.
Use the following tips to save your home insurance today.
1. Monitor Your Credit Rating
Just like at the bank, good credit means good rates. Most insurance companies use your credit history as part of their pricing structure. People with better credit pay less for their insurance in many cases. So, improving your credit rating not only helps with your bank and credit cards, but may also reduce the cost of your insurance.
2. New is Better
Insurers really like newer homes. That’s because it’s less likely something will go wrong with the electrical, heating and plumbing systems. In addition, the structure itself is in better shape. Insurers offer discounts ranging from 8% to 15% if your residence is less than 10 years old. If you are planning on buying an older home, make sure you get a home inspection to ensure there are no surprises.
3. Location, Location, Location
Where you live can influence how much you pay. Are you in an area that floods regularly? Does your neighbourhood have a high claims history? Are you near fire hydrants and/or fire stations? When insurance companies analyze risk to create premiums, all of these factors are considered. All of these can save you money, so choose the location of your home carefully if you want to save on insurance.
4. Don’t Over Insure
Do a regular review of your policy to ensure that your coverage is up to date and covers only those items that you really need to protect.
5. Raise the Deductible
Raising your minimum deductible is one way to quickly lower your premiums and save yourself some money. Insurance companies want to eliminate small claims which increase their overhead, and they will pass on the savings to those willing to handle smaller incidents themselves.
6. Secure your Home with Install Deadbolt Locks and Smoke Detectors
Apart from being good safe practices, these minor items can also save you a lot of money, so make sure you have deadbolt locks and working smoke detectors. A good home security can also help to lower your insurance costs.
7. Don’t Insurance Hop
The longer you stay with a provider, the more likely they are to want to keep your business and the better the rates they will give you. Experts recommend keeping the same insurer for at least 3 years. If you do insurance hop, some carriers may see you as high risk.
Follow these simple recommendations and you will be well on your way to saving lots of money on your home insurance premiums.