4 Tips For Saving Money On Home Insurance

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Avoiding Renter's Regret: Understanding Renter's Insurance Coverage

Moving into my first apartment brought along a whole series of new experiences. I didn't realize that the property insurance my landlord carried wouldn't cover my belongings. I was lucky to find out before anything happened, and I spent a lot of time researching the difference between renter's insurance and the property coverage for landlords. I built this site to share all of the information that I learned, including the insurance coverage best practices I picked up along the way. If you're new to renting and don't have any renter's insurance, I hope the information here helps you to see how it could benefit you and what you need to do to get it.


4 Tips For Saving Money On Home Insurance

20 May 2016
 Categories: Insurance, Blog

As a homeowner, having home insurance is essential for your financial protection. After all, if serious damages were to happen to your home, you likely wouldn't be able to pay for the repairs needed out of pocket. Plus, if you have a mortgage loan, most lenders will require that you have some form of home insurance anyway. If you are looking to save money on your home insurance expenses, here are four tips to consider:

  1. Don't Make Claims for Everything: Every time you need to make a claim on your home insurance, your rates are going to increase because it shows some risk for the insurance company to insure your home. So be sure that you are only making claims for serious damages, such as damages from a large fire, flood, or earthquake. If you had a thief come in and steal a small amount of jewelry that you can afford to replace out of pocket, then it's probably not worth making a claim.
  2. Think About Your Location: The area in which you live is going to affect your home insurance rates because of the increased risk some areas bring to homeowners. For example, if you live in a high crime-rate area, your insurance costs are going to be a bit higher. In order to deflect this increase, consider installing a home security system. Many insurance companies will provide discounts that can outweigh the increased costs of being in a high crime-rate area. Also, if you live near the ocean, your rates are going to increase as well because of the risk of flooding. In order to deflect this, you can upgrade your home's draining system and install storm doors and windows. 
  3. Maintain a Good Credit Score: Ensuring that you are not damaging your credit score is important for all aspects of your financial standing in the world, including the costs of your home insurance. Be sure that you are regularly checking your credit score for any errors that need to be corrected to ensure that your home insurance rates stay low. 
  4. Have the Right Coverage: It's always a good idea to have a professional inspect your home at least once a year to determine the replacement value. The replacement value reflects how much insurance coverage you should have. If you don't have the right amount of coverage, you are going to end up spending more on repairs than you would on spending a bit more to have extra coverage. 

When you follow these four tips, not only will it help ensure you have adequate coverage, but it will also ensure that you have adequate coverage you can afford. 

For home insurance, contact a business such as United Insurance Agency Inc.