3 Tips for Getting The Best Rates on Your Homeowners Insurance
While you might have thought in the past that the amount you pay for homeowners insurance is out of your control, you’d be surprised to know just how much the things you do with and to your home can have an impact on what you’re paying to insure it. Especially if you’re intent on saving money wherever you can, you likely will be able to find a few ways that you can get a better homeowners insurance rate than the one you currently have. To show you how, here are three tips for getting the best rates on your homeowners insurance.
Increase Your Deductible
One great and immediate way you can save money on a monthly basis is to increase your deductible. What this means is that you’re telling your insurer that you’re willing to pay more money out of your own pocket before you’ll require them to pay any money towards your claim. When you do this, the insurance company will often charge you less on your monthly payment, which means you’ll be getting a better insurance rate. According to Wendy Boswell, your deductible should be at least somewhere around $500 to $1,000.
Properly Secure Your Home
Insurers have a few things that they look for to see if you’re a good safety risk when they’re considering insuring you. One of these things is how secure your home is. Especially if you’re going to be renting out your property, it’s important that you secure your home to the best of your ability. According to Donna Fuscaldo, a contributor to BankRate.com, things like fire alarms, carbon monoxide detectors, and burglary sensors can make your home less risky to insure. By installing these safety and security measures, you may find that you’re able to get reduced rates on your homeowners insurance.
Keep An Eye On Your Credit Score
Not only can the attributes of your home affect your homeowners insurance rates, but your financial standing can have a big impact on this as well. According to the Insurance Information Institute, maintaining good credit can help to lower your overall homeowners insurance costs. Knowing this, it’s worth it to do what you can to keep your credit rates high and avoiding doing things that would damage your credit rating. Also, if you get your credit report on a regular basis, you’ll be better able to check on things and make sure that everything that’s reported on your credit report is accurate.
If you’re wanting to see your monthly homeowners insurance rates and payments go down significantly, consider using the tips mentioned above to find ways to accomplish this goal and save yourself some money.
