More often than not, premiums are higher for those who have poor credit scores. Thus, if you are one of them, take lengths to improve it. You will not only benefit from lower insurance premiums, but you’ll also benefit from other financial products and services as well.
The common mistake people make is that they either over-insure. It is important to know what you should insure in your property. Since your lot can’t burn down, there’s absolutely no point of getting it covered for its market value.
It is not uncommon for homeowners to underinsure as well, and this is not an instance when you should skimp. Make sure that your policy will also cover the replacement costs of the contents inside your home.
Ask your agents for discounts.
Although this varies per insurer, there are common discounts that they offer:
- Multi-Policy Discounts: You are eligible for discounts if you’ve gotten multiple policies from the same insurer.
- Discounts for Safety Devices Installation: The more you install safety devices around your property, you are most likely qualified to get insurance discounts.
- Claimless Discount: If you haven’t filed a claim for a certain number of years, you may ask for discounts from your insurer.
Those are just some discounts that your insurer may offer. Even if your agent doesn’t say anything about them, never hesitate to ask if there are any.
Have safety devices installed.
As mentioned above, installing safety devices would earn you insurance discounts. Depending on the extent of security you’ve installed, your insurer may offer discounts of at least 5 to 15 percent or even more.
Be loyal to your insurer.
If you’ve bought insurance from the same company for at least three years, your insurer will likely give you discounts. Bear in mind that loyalty is important if you know you’re insured properly at a reasonable price.
Evaluate the limits of your policy.
Make sure that you have sufficient coverage to cover the replacement costs of your house and everything in it. Get additional for items that are worth more than your policy’s limits. However, if you no longer own those expensive items, you should tell your insurers. You don’t want to pay the coverage for an item that you don’t already have.
These are just some of the ways to reduce your home insurance. I am pretty sure there are a lot of ways when you can get insured for a price that suits your budget.
Here at American Trust Insurance, we help homeowners get the proper coverage they need. We want you to be financially protected without breaking the bank. Get a free home insurance quote from us and see how much you can save. Call us at (305) 270-2220 or