Easily lower your monthly insurance premium with these 6 useful tips
When you sign up for a new insurance policy, the insurer or their agent are going to ask you a few questions in order to see what discounts you qualify for. However, when it’s time to renew your policy, they won’t recheck your discount eligibility, so it’s up to you take care of it. The good news is that in most cases, getting affordable insurance is not as hard as you think and if you have good credit, then that may be enough for some companies to approve your application. There are of course many ways you can consider to save money when looking to buy a home insurance policy and on some of them we’re going to focus below
1. Safeguard your home from potential disasters
Plenty of people live in areas that are at risk for various types of disasters, including tornadoes, hurricanes and floods. However, if you do take a few steps to help protect your home from them, then your insurer may reward you with a much lower monthly premium. As far as the discounts go, you can get up to thirty percent off if your property is fortified according to insurance standards.
Some examples of what you can do in order to fortify your property include pruning trees away from your property but also sealing the roof beneath the shingles. By taking these steps, you can easily qualify for a discount that can save you some pretty good money in the long run.
2. Having good credit is important
If you plan on taking out a mortgage then having good credit can help you qualify for a low interest rate. On top of that, it may also reduce your home insurance premium.
Before approving you for an insurance policy, most insurers check your credit score to gauge the risk they expose themselves to if they eventually decide to welcome you as a customer. What do insurers actually look at? Well, it seems that it depends on each company. If you’re married, then the insurer is going to check both your credit score and that of your spouse and then give you a quote based on the best one out of the two.
3. Stay with the same insurer for as long as possible
The majority of insurance companies are willing to offer you various discounts if you decide to renew your policy with them. Customers who renew their policy with the same carrier can save between five and ten percent a year.
4. Install a state of the art alarm system
A lot of us are aware of the fact that by installing a burglary system, carbon monoxide sensors and fire alarms we can easily minimize the cost of our insurance premium. However, if the system you have in place also alerts the police or the fire department when it goes off, then you can really bargain with your insurer to give you a great discount on your insurance policy. In general, you can save up to 10% if your home does feature any of these types of alarm systems.
There are companies that claim you can save up to twenty percent and sometimes even more. So if the main reason you plan on buying an alarm system is to reduce your monthly insurance premium, then you should speak to your insurer in order to see just how much you can save.
5. Increase your deductible
If you can handle a higher level of risk, then you can furthermore save money on your monthly premiums by selecting a high deductible policy. For instance, if until now you had a deductible of five hundred dollars or maybe a thousand dollars, then how about you increase it up to ten thousand dollars? Remember, only consider this if you can afford it and if you can, then you can save up to thirty-five percent on your insurance policies.
6. Purchase at least one policy from the same company
If you didn’t know, when people get more than one insurance policy from the same company, they can actually save some good money in the long run. What this means is that you should consider buying your car insurance and also your home insurance policy from the same company to save up to thirty percent of the total cost. On top of the lower overall cost, you’re also going to find it a lot easier to receive communication and file claims given the fact you only have to deal with a single company.
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Home Insurance Tips for the First Time Home Buyer
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