5 Smart Ways to Cut Costs on Home Insurance
Home insurance is money well-spent. While it is sure not cheap, the cost pales in comparison to the amount it would take to rebuild your house after a disaster. Moreover, there are smart ways to cut costs on your home insurance. Follow the tips below to save more and have a budget-friendly policy.
1. Carry multiple policies with the same firm.
The more discounts you qualify for, the lower your home insurance premium will be. One easy way is to bundle your home and auto insurance. This can save you up to 20% on your homeowner rate. Ask your agent and make the changes today.
2. Update your house.
Get cheaper rates by making your house more secure. Update your plumbing, electrical, and roof to lessen the risk of incidents and claims. Add storm shutters, burglary detectors, and fire deterrents. Show your insurance firm that your house is less susceptible to threats. This will improve your rates for sure. However, be mindful of the costs of home improvements. Not all of them will be cheap so compare that expense with potential savings.
3. Check for obscure discounts.
Bundling policies is common, but there are other ways to cut costs on home insurance. Some providers reward customers for paying premiums via automatic bank payments, if the house is new, or when it is a smoke-free house. Ask your agent for a complete list of discounts that the company provides and check all the ones you may qualify for.
4. Evaluate your possessions.
Are you paying a lot for high-limit insurance? This is common if you own expensive items. However, it is smart to check your valuables periodically to see if the coverage still lines up. If you have recently sold your valuables, maybe it is time to cancel your high-limit insurance to cut costs on your home insurance.
5. Fix your credit.
A low credit score can be used against you. Statistics show that people with good credit scores are given better rates since they are expected to submit fewer claims. Turn your score around and start adopting healthy financial habits. Not only will this cut costs on your home insurance, it will improve everything in your life, too.