How to Lower Costs on Your Homeowner’s Insurance
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Homeowner’s insurance is your first line of defense against a variety of risks, but that type of coverage can be pricey. If you have recently purchased a new home or feel as if your current policy is inadequate, then you might want to take a look at these four tips that will keep your premiums at a reasonable level.
Shop Around for the Right Policy
Just like any other major purchase, you need to spend some time shopping around for homeowner’s insurance. There are thousands of insurance agents and companies to choose from, and every provider has their own pros and cons. If you are having a tough time comparing policies, then you might need to search for “insurance agents near me” online. Once you have found at least a handful of agents, you can meet with them individually to see exactly what they offer.
Improve Your Home’s Security
Before you invest in any new security features, you should contact the insurance provider that you are considering using. Most major insurance providers will give you a list of safety and security upgrades that will reduce your premiums. Some of the most popular upgrades include security cameras, deadbolts, reinforced doors, fire alarms, smoke detectors, upgraded roofing, and impact-resistant windows.
Don’t Pay for Unnecessary Coverage
While you are shopping around for homeowner’s insurance, most agents will try to get you to sign up for additional riders. Those add-ons will extend your coverage, but they aren’t always necessary. Most homeowners only need basic coverage that will help them deal with risks such as fires, vandalism, and break-ins. Your insurance should also cover liability issues such as someone taking you to court after being injured on your property.
Increase Your Deductible
One of the easiest ways to reduce your insurance premiums is to increase your deductible. When a covered loss takes place, the deductible is the amount that you must pay yourself before the insurance kicks in. With a higher deductible, the insurance company might reduce your premiums by quite a bit in the coming years. That being said, you must make sure that you don’t set your deductible too high. If you can’t cover the deductible, then your insurance is going to be almost completely worthless. In addition to these few tips, you should also consider bundling your policies. Many insurance providers offer huge discounts to those who bundle their homeowner’s insurance with their auto policies and health insurance.
Meghan Belnap is a freelance writer who enjoys spending time with her family. She loves being in the outdoors and exploring new opportunities whenever they arise. Meghan finds happiness in researching new topics that help to expand her horizons. You can often find her buried in a good book or out looking for an adventure. You can connect with her on Facebook right here and Twitter right here.
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