5 Ways to Save on Your Home Insurance
Most people are constantly aware of the rates on their auto insurance as this is usually paid directly by them, so they are constantly seeing the bills. However, most people have an escrow account for their mortgage that will include their property taxes and insurance premium. So, they usually don’t keep close tabs on their home insurance premiums.
That can be a costly mistake.
Keeping your insurance premiums on your home insurance can be easier than you think.
Here are 5 ways to save on your home insurance.
Raise Your Deductible
Your deductible is the amount of money that you are responsible for paying toward a covered loss. The higher the deductible on your policy is, the more you can save.
In order to do this you need to figure out what financial threshold you can handle in the case of a covered claim occurring. Yes, this means that the cost of a claim will financially impact you more at the time of a covered claim. However the amount of savings you get could be substantial over the course of a few years.
Check into EVERY Discount
Every Carrier offers multiple discounts including, but not limited to, multi-policy, loyalty, claims free, alarm, new roof, etc.
You showed ask your agent what discounts are available for the carrier you currently are with. A quick phone call could unlock some unexpected savings.
Get Some Quotes, The Correct Way
Price always plays a factor into your decision on a carrier for you home insurance. But it shouldn’t be the only factor. Your home insurance is your protection against disaster and financial ruin.
That being said, you don’t want to shop around every year. If you move your home insurance every year you are doing more harm than good. You are probably not eligible for certain discounts such as the Loyalty Discount and if you do have some claims then it will make it harder to find coverage. Carriers look at your length of time with other carriers and your losses to see if you can be a profitable risk for them. If they see you switching carriers every year and you have some losses, they will decide that they don’t want the risk of insuring you for one year and then paying some claims that will lose them money.
Now, you can still get comparative quotes every few years though. You can do this by having your independent agent do this for you with all the carriers they have access to. This will give you great insight into seeing if the carrier you are currently with is your best option, or if another carrier is better.
Affinity/ Group Programs
One very unknown aspect to personal insurance is Affinity Programs. Some carriers offer special discounts for certain industries. Some of these industries include Education, Medical and First Responders, to name a few. It is important to tell your agent what your profession is so they can seek out to see if there are any special Affinity Programs for these professions with any carriers.
Improve Your Credit Score
Like it or not, Insurance Carriers use your credit score when it comes to your insurance rates. If you can set out on a plan to improve your credit score, it can drastically improve your rates. Some carriers will allow the insureds credit score to be reran every renewal. Some carriers will require that the agent request this to be done. So if you are improving your credit score, you should inform your agent and ask that at your renewal they rerun your credit score.
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