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Home Insurance

5 Strategies to Lower Your Home Insurance Premium

Home insurance premiums  have a wide range and vary depending on several factors. Where you live, the age of your home and your credit history can all factor into your premium. There are simple ways to reduce your home insurance costs and make sure you get your money’s worth. 

Compare Different Options

As tedious as it may be, looking at different insurers can save you money. Many companies offer identical homeowners insurance coverage at different rates. A majority of these companies offer tools on their websites that will calculate your potential home insurance quote. From there, you can decipher whether that company’s home insurance plan is right for you. They should fit within your budget and be easy to work with in the event you need to make a claim. 

Raise Your Deductible 

A quick way to lower your home insurance premium is raising your deductible. While seeing your deductible’s number might be intimidating, raising it will actively save you money that would have gone directly to your insurer. Most companies recommend having a deductible of $500, if not more. Calculate what works best for you, and determine if you can raise your deductible to keep money in your wallet. It’s also important to keep in mind that depending on your area, your insurer might have a separate deductible for certain kinds of damage (hurricane, earthquake, wind damage, etc.). Make sure you know exactly what your deductible is covering when you make this decision. 

Ask About Discounts

Most insurance companies offer discounts you wouldn’t even think to ask about. For example, having a household of non-smokers or having environment-friendly home features may get you a discount. There are also discounts for retired people or individuals 55 or older. Not every insurance company offers the same discounts, so it’s important to ask to see what’s available to you. 

Build Good Credit

Credit history tells insurance companies a lot about their clients. Home insurance can be offered at a lower or higher price depending on your credit score. You want to establish a high credit score, so that you can get the best deals. To build a high credit score, pay your bills on time, reduce your credit card balance, and check your credit report to identify any errors that can be fixed in the future. 

Don’t File Small Claims

Home insurance is there for a reason, so it’s very tempting to use it even for minor inconveniences. However, if you avoid filing a claim for small problems, it could benefit you long-term. Filing a multitude of claims can actually raise your rates; whereas, having minimal to no claims can get your discounts that will lower your overall cost. Paying out of pocket might be an annoying task, but it can be incredibly beneficial to your overall savings. 

Finding ways to lower your home insurance premium is crucial to ensuring you get the best coverage for your budget. Researching these policies can be a hassle, but allows you to compare policies from the top 50 insurance carriers in no time at all. Make sure with Nsure!

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