Homeowners Insurance is a must-have if a disaster strikes. However, there are a few things you can do to lower your homeowners insurance rates, like asking for discounts, bundling your various policies together, and even adjusting your home insurance deductible to lower your payments. Here are seven tips that could help you save money on your home insurance bill.
7 Ways to Save on Home Insurance
1. Bundle your home insurance
If you bundle your cell phone service, internet, and cable, you can save money. The same can be said with homeowner’s insurance. Find out if your home insurance company offers discounts by adding in your automobile insurance and other insurances.
2. Don’t be afraid to drop your provider
If your insurance provider isn’t giving you the best deal, don’t be afraid to search around for a better rate. Comparing your rates with what other companies can offer could potentially save you money. Mark your calendar to do it every year.
3. Ask about lowering your payments
If you’re a long term customer, your insurance company may offer exclusive discounts on your home insurance. If you find a better price, you can ask your current insurance provider if they can do better.
4. Know and follow fire breaks procedures
If you live in an area that has the potential for wildfires, be sure to follow good fire break procedures. If you’re not certain about how to keep your vegetation away from your home, a call to the New Jersey State Forestry Service will answer your questions.
5. Your deductible isn’t set in stone
If you have access to cash you might consider boosting your deductible. You’ll pay more on your deductible if your home suffers a catastrophe, but you’ll spend less per month. Talk it over with your home insurance company. But make sure you’re realistic. You don’t want to set your deductible so high that you can’t afford to pay it.
6. Improve your credit score
Often, your insurance premiums are based on your credit report. If you have large amounts of credit card and other debts, your insurance will be more expensive. If there are red flags, you’ll be charged more. Unfortunately, credit reports are not always correct. It’s good to get in the habit of checking. If you have errors in your report or bad credit, it’s time to make corrections or change your spending habits to lower your homeowners insurance premiums and save money.
7. Increase your home security
After any security improvement, contact your insurance company to negotiate a lower home insurance premium. For example, if your home has old aluminum wiring, an update to copper wiring will make your home safer from a fire. If you don’t have deadbolts, adding them will increase your home’s security. If you want more security, a security system is the way to go.