Homeowners insurance is a must-have, but you don't have to overpay for it. You can save hundreds of dollars by following the tips discussed below.
Skip Small Claims
You are entitled to file claims whenever anything happens to your home or personal property. However, small claims can hurt the cost of your home insurance. Often, you are better off paying for minor repairs out of pocket. At least some insurance carriers will offer discounts if you haven't filed any claim in a couple of years.
Additionally, claims involving wind and water damage can raise your insurance cost. So, avoid filing claims, especially if you can pay for them out of pocket. Doing so should reduce your annual premiums in the long run.
Take Advantage of Discounts
Most homeowners are not aware that insurance companies offer discounts. As such, they haven't enjoyed any discounts for a long time. But what kind of discounts are available? Well, you must ask your insurance company or agent. They will advise you the discounts you qualify for, and you can take it from there.
Increase Your Deductibles
Raising the amount you can pay before the insurance comes in can help reduce your homeowner's insurance premiums. This strategy works for all types of insurance, including car and flood insurance. Increasing your deductible means paying more money when you file a claim. So, before you opt for this strategy, ensure you can afford it.
Improve Your Home's Security
Your home's security should determine the cost of your insurance premiums. So, if your home is unsecured, the insurance company will view you as a high-risk client. As such, your insurance cost will definitely go up due to the risks.
With that in mind, why don't you beef up your home's security with CCTV cameras, high-quality locks, and alarm systems? Such systems will deter burglars from breaking into your home. Consequently, your insurance carrier will have to reduce your insurance premiums because you'll no longer be considered a high-risk customer.
Shop Around
Getting a good deal requires you to compare rates from various insurance carriers. And if you feel that shopping around is difficult, talk to an independent insurance agent. These agents have ties with multiple insurance companies, and they will do all the research for you.
So, don't just renew your home insurance policy without comparing other insurance carriers' offers. You might be fortunate enough to spot a company whose rates favor your budget. Besides, the agent will help you choose well.
For more information, contact a homeowners insurance agent.
