If you have a poor credit score, your premiums may be higher. In fact, some insurers won’t give you coverage at all.
Increase your insurance deductible.
If you assume more liability, you’ll get a lower premium. You can save up to 30% on your premium if you raise your deductible from $300 to $1,000.
Are you hesitant because you might not be able to compensate for the higher out-of-pocket expenses? Increase your emergency fund to cover it. That way, you’ll have the money when you need it. You’ll also be able to save a significant amount of money every year on your insurance.
Don’t over-insure, but don’t under-insure as well.
You want the right amount of insurance that can cover the replacement of your home. But since your lot can’t burn down, it doesn’t always make enough sense to insure it for its market value. Verify the calculated replacement cost of your home with your agent. Do this by multiplying the cost per square foot for your area by the number of square feet of your home.
Note that you need to be extra careful in calculating the right amount. Homeowners usually under-insure. Make sure that your insurance will also cover the replacement costs of the contents inside your home, along with the new items.
Review your policy.
Make sure that you have enough insurance to cover the replacement cost of your house and the valuables inside it. If you no longer own expensive jewelry or collectibles, inform your agent. You wouldn’t want to be paying for extra coverage that isn’t needed.
Don’t hesitate to ask for discounts.
Although discounts differ among insurance companies, you may be eligible for discounts if you:
- Live in a home with security upgrades,
- Haven’t filed a claim in a many years,
- Get multiple policies, and
- Pay in full.
Your insurers may also give you discounts if you are a member of an affiliated organization. Call your agents to know what discounts are available to you.
Install security measures in your home.
Insurers offer a discount if you’ve equipped your home with several security measures. That includes smoke detectors, dead-bolt locks, and burglar alarms.
Remain loyal to one insurer.
Insurance companies offer discounts if you remain loyal to them for at least 3 or 5 years.
These are just some ways you can reduce your homeowners insurance rates. If you want to get more tips, feel free to talk to one of our agents here at Brad Spurgeon Insurance Agency Inc. . Call us at (409) 945-4746. Or speak with us personally by visiting us at our office today. You can also get a free quote from us by clicking here.