One of the biggest mistakes that a homeowner can make is to reduce their much needed home insurance coverage in order to reduce their premiums. In the event that you need that coverage, you’ll be wishing you didn’t do so. Instead, learn how to pay less for your homeowners insurance without reducing your coverage by shopping smart and taking advantage of insurance discounts.
Home/auto package discounts- If you have a car and a house, then this is really a no-brainer. Most insurance providers will discount your homeowners insurance premium up to 20% if you insure both your car and your home with the same company. This goes for other policies as well if you have them. Talk to your agent about bundling your life, health and business policies with your home and auto as well.
Shop with an independent agent- When shopping for homeowners insurance quotes, use an independent agent that will compare multiple rates for you so you know you are getting the best deal out there. This will save you time over shopping with multiple exclusive agents who may not be comparing apples to apples.
Security discounts- Security features such as alarms and deadbolt locks can make your home at less risk for burglary. For this reason, many insurance companies will offer discounts ranging from 5-15% for certain security systems and features. If you already have a security alarm or deadbolt locks make sure you are getting some sort of home insurance discount.
Keep your insurance score up- Your insurance score is based on your credit rating and insurance history. The better your insurance score, the lower the rates you may qualify for. Keep your credit history solid and make your insurance payments on time and you may benefit from lower insurance rates.
Consider a higher deductible- While keeping your deductible affordable, you also want to make it high enough so that you can keep your monthly payment low. The rule of thumb is that the higher your deductible, the lower your premium. However, don’t make your deductible so high that you can’t afford it in the event of a covered claim.