Tips for Lowering Your Homeowners Insurance

Homeowners insurance is nonnegotiable for most homeowners. You must have it if you have a mortgage on your home. Yet, our monthly budgets are limited, and we have many bills due every month. We must put food on the table, have a place to live, stay comfortable indoors, and save money for retirement, just to name a few things. So, we need to save money where we can. In this blog post, we will explore how you can save money on your homeowners insurance premiums.

• Boost Your Credit Score: Your credit score is used as a factor by insurance companies when determining your premiums. The higher your credit score, the lower your premiums tend to be. So, do your best to raise your credit score as high as possible.

• Install a Security System: Theft and vandalism are two big concerns of insurance companies. They know that thieves and vandals can cause significant property damage to your home, and they target homes that lack proper security systems. So, if your home doesn’t have a security system or your insurance provider is not aware you have one, your premiums will be higher. If you don’t have one, get one installed, and be sure to make your insurance company aware.

• Shop Around: Not all insurance companies offer the same premiums to the same person. Their algorithms weigh factors differently and their premium amounts will be different. Shop around with multiple insurance providers to get their quotes.

• Bundle Insurance: Insurance providers often offer discounts for bundling insurance products together like home, auto, and RV insurance. If you are paying for these insurance products, consider bundling them together with the same insurance company to save money on all of them.

• Loyalty Discounts: We all value loyalty and so do insurance companies. They often offer loyalty discounts the longer you stay with them.

• Raise Your Deductible: If you are willing to pay more towards an insurance claim, aka your deductible, the lower your insurance premiums will be. This is because you will have to pay more money before the insurance policy will begin covering expenses which means less risk for the insurance provider.