4 Ways To Save On Homeowner's Insurance
When it comes to cutting your monthly expenses, there are many ways you can do this. By taking a look at the bills that are due each month and finding ways to decrease them, you can have huge savings in the long-term. Knowing some of the ways to reduce the amount of your homeowner's insurance is sure to be one of the best ways to have continual savings.
Increase your security
One of the best ways to allow you to pay less for coverage is by having a security system installed in your home. Studies show that doing this one thing alone could save you as much as 20% on your premiums if you have an up-to-date monitoring system installed in your home.
Decrease your risk factors
If you don't have certain items on your property, this can decrease the amount of money you're required to pay for your homeowner's insurance because your represent a lower risk to insure.
Listed below are items you may want to avoid to help you save money:
- Swimming pools – Having a pool in your backyard creates the risk of a water fatality or serious injury.
- Trampoline – If you have kids, you may want to invest in this fun way to spend time, but doing so could cause your coverage to go up and not down.
- Large dogs – If you have a large dog that runs loose on your property, this may be considered a risk by some insurance companies.
Raise your Deductible
One of the simplest things you can do to help save you money and protect your investment is by increasing your deductible. This is the amount that must be paid before your carrier will pay any claims that you file.
It's been proven that you may save as much as $80 annually by simply raising the deductible amount from $500 to $1000 on your home, which can be helpful in the long term.
Maintain a High Credit Rating
Insurance companies will take a look at how you've paid your bills in the past and base your premiums on this amount. This is done by reviewing your credit rating, and a having a higher one will help decrease your annual rates.
Keeping homeowner's insurance costs down is crucial for most homeowners. Be sure to work closely with a company like Bell Insurance Inc, who can address any of your concerns and help you find other ways to help you save money each year.