Your homeowners insurance rate can vary by hundreds of dollars, according to the Insurance Information Institute (I.I.I.), and this depends on which insurance company you get your policy from. Many homeowners stop at a security system, smoke detectors and discounts for ways to save money on their policy. However, there are other ways that can shave more money off your rates. Here are some of the best ways to save on your homeowner’s insurance.
Avoid Filing Small Claims
If your home suffers damage you can cover without the help of your insurer, don’t make a claim. It can save you money down the line on your premium. Although it may be tempting to just switch insurance companies if you’ve made excessive claims to wipe the slate clean, the company you choose could have access to this information causing your premium to go up anyway.
Reinforce your Home
You may be able to reduce your insurance costs by reinforcing your roof, adding storm shutters, updating your utilities, retrofitting your home if it’s old to resist earthquakes and by making other improvements that can help reduce the risk of water or fire damage.
Similar to other companies you have monthly financial obligations with, by choosing paperless billing, you could get a small discount.
Get Rid of Old Structures
You may be paying for older, broken-down buildings and structures on your property. You may want to consider removing them to save money on your monthly rate.
Use the Same Independent Insurance Agent to Bundle your Auto and Home Policies
Some insurers who sell liability, auto and homeowners coverage will give you up to a 15 percent discount on your premium if you bundle your policies. Just be sure that the price you pay is lower than buying your policies separate from different insurers.
Have Good Credit
When you have a good credit score, it shows you’re being responsible with your finances and will most likely pay your premium in a timely manner too. When your credit score is poor, insurance companies might consider you a higher risk and therefore, charge you a higher premium.
Last but certain not least, shop around to get multiple homeowners insurance quotes. Each company will vary from one another and you’ll find hundreds of different insurance companies that provide homeowner’s insurance. Because of this, it’s important to shop around and research the market so you get the best rate possible.