We are always looking for ways to cut costs, whether it’s groceries, electric bill or even your insurance. Here are 5 tips you can do to help reduce your homeowner’s insurance costs.
Companies offer several types of discounts, but they don’t all offer the same discount or the same amount of discount in all states. For example, since retired people stay at home more than working people they are less likely to be burglarized and may spot fires sooner, too. Retired people also have more time for maintaining their homes. If you’re at least 55 years old and retired, you may qualify for a discount of up to 10 percent at some companies. Some employers and professional associations administer group insurance programs that may offer a better deal than you can get elsewhere.
Establishing a solid credit history can cut your insurance costs. Insurers are increasingly using credit information to price homeowner’s insurance policies. In most states, your insurer must advise you of any adverse action, such as a higher rate, at which time you should verify the accuracy of the information on which the insurer relied. To protect your credit standing, pay your bills on time, don’t obtain more credit than you need and keep your credit balances as low as possible. Check your credit record on a regular basis and have any errors corrected promptly so that your record remains accurate.
Stay with the same insurer:
If you’ve kept your coverage with a company for several years, you may receive a special discount for being a long-term policyholder. Some insurers will reduce their premiums by if you stay with them for three to five years and even more if you remain a policyholder for six years or more. But make certain to periodically compare this price with that of other policies.
You can usually get discounts for a smoke detector, burglar alarm or dead-bolt locks. Some companies offer to cut your premium if you install a sophisticated sprinkler system and a fire and burglar alarm that rings at the police, fire or other monitoring stations. These systems aren’t cheap and not every system qualifies for a discount. Before you buy such a system, find out what kind your insurer recommends, how much the device would cost and how much you’d save on premiums.
Make your home disaster resistant:
Check with your insurance agent or what steps you can take to make your home more resistant to windstorms and other natural disasters. You may be able to save on your premiums by adding storm shutters, reinforcing your roof or buying stronger roofing materials. Older homes can be retrofitted to make them better able to withstand earthquakes. In addition, consider modernizing your heating, plumbing and electrical systems to reduce the risk of fire and water damage.
If you have done any improvements or updates to your home in the last 6 months, give us a call and let us know. We will update our system and may be able to offer you a reduced rate.
Protecting YOU is our Job
Source info: www.iii.org