Tips For Lowering The Premium Or Cost Of Your Home Insurance

Posted on: 21 March 2023

Do you need to cut costs in the family budget? If your house is in generally good condition and you can afford to make repairs in case of an incident occurring, it might be worth it to roll the dice and alter your home insurance in a way that will save you money assuming no major incidents occur. There are also a variety of other options for someone looking to reduce their home insurance payments. 

Raise Your Out of Pocket Deductible

The most straightforward way to reduce the cost of your home insurance would be to raise your deductible or the amount you would be expected to pay out of pocket if you need to make a claim on your policy. Perhaps you picked low deductibles to protect yourself when you first got the mortgage but you've had the house for a while now and have some extra funds saved up. If you could afford to cover an emergency situation out of pocket or pay a higher deductible without issue, this could save you money over time if you are lucky and no claim is ever made. 

Add a Safety Feature to Your Home

Home insurance companies may lower your costs a bit if you add a feature to your home that might make it less likely that you will need to file a claim. Installing a home security system is one such option. Installing new smoke detectors or fire alarms may also help. Reach out to your current provider and ask if there are any incentives for safety you could look into. You might have to document the new feature with a photo and send it to your insurer.

Ask for Your Insurer to Run Your Credit Again

If your credit score was not great when you first bought the house and you used some kind of assistance program to get the house, you might have a higher rate than a person with perfect credit. If time has passed and your credit is fully recovered, you might want to let your home insurance provider know. They may be able to re-run your credit either now or during your next renewal and a better credit score could result in a lower rate.

Shop the Competition

There's nothing wrong with a little comparison shopping. Look at the competition and if you find a better deal, let your current insurance provider know. Sometimes just the idea that you might go to a different provider might be enough to get you a better rate with your current provider.

For more information, contact a company like Oliveira Insurance Agency.


Auto Insurance Protects Your Assets

Do you want to protect your assets? Of course you do! One way to do this is to make sure you have the right auto insurance. This way, if you get into a car crash, you will not have to pay for the expenses out-of-pocket. Auto insurance covers damage to vehicles, medical expenses, and more. We happen to know quite a lot about auto insurance, and we are happy to share our knowledge. This blog is one place where we do that. We invite you to read our posts and put what you learn to good use when buying and utilizing your auto insurance.

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